MacIntosh Says Buy — Oil at $96.6 Backs It Up — May 24, 2026

May 24, 2026 | Phase 1 — Expansion | Scoreboard: 4R / 3E / 0W

S&P 500 just hit the 99th percentile. And the S and P at this level has historically marked a regime inflection. Something is breaking beneath the surface and the data confirms it.

Right now S&P 500 is at 7,473.5 — the 99th percentile for the past year. Historically, the S and P at this level has historically marked a regime inflection.

Gammon says The Fed is breaking things and credit spreads will blow out. Snider says The eurodollar system is tightening and nobody sees it.

In the next few minutes, I will show you who the data says is right — and what it means for your money this month.

BuildersLens Morning Briefing — Sunday, May 24, 2026

Macro Scoreboard

✅ MacIntosh: RIGHT. MacIntosh is right and the data keeps proving it. Oil at $96.6. (155-day streak)

✅ Snider: RIGHT. Score one for Snider. dollar liquidity crisis — Yield Curve agrees at 0.43%. (5 days running)

✅ Gammon: RIGHT. Gammon is right and the data keeps proving it. Yield Curve at 0.43%. (3 days running)

✅ Ceresna: RIGHT. Score one for Ceresna. volatility expansion — VIX agrees at 16.8. (3 days running)

⚠️ McElroy: EARLY. Too early to call McElroy right or wrong. The thesis is building but not confirmed. (154-day streak)

⚠️ Hartman: EARLY. Hartman might be right, but the data has not confirmed the thesis yet. (148-day streak)

⚠️ B. Johnson: EARLY. B. Johnson might be right, but the data has not confirmed the thesis yet.

Score today: 4 right, 3 early, 0 wrong.

MacIntosh has been right for 155 straight days (155-day streak).

MacIntosh, Snider, Gammon and Ceresna — 4 out of 7 aligned with the data.

The Big Debate

Today’s big question: Everyone agrees on credit — so who’s wrong?

Gammon says The Fed is breaking things and credit spreads will blow out. Snider says The eurodollar system is tightening and nobody sees it. Everyone agrees. In markets, that is usually the setup for a reversal. The crowd is most confident right before the data breaks against them.

Here is what the data says. IG spread at 75 bps. HY spread at 278 bps, down 0.7 percent today. Yield Curve at 0.43%, down 12.2 percent today.

IG spread at 75 bps. HY spread at 278 bps, down 0.7 percent today. Yield Curve at 0.43%, down 12.2 percent today.

Bottom line: Everyone agrees. The data hasn’t broken yet. History says watch for the reversal.

If IG spreads crack above 100 bps, the bearish thesis gets a lot harder to ignore. Right now they are at 75 bps. If both IG and HY drop below the 75th percentile, the credit stress call is dead.

What to watch: IG spread at 75 bps — we’ll track it daily on the scoreboard. HY spread at 278 bps — we’ll track it daily on the scoreboard.

Phase Tracker

Phase 1 is the good times — but good times do not last forever. Here is how close we are to the edge.

We are 75 bps away from Phase 2 — the phase where credit breaks and volatility spikes. There is no acceleration in credit stress yet. But we are watching the pace, not just the level.

The trigger: IG spread crossing 150 bps. Currently at 75 bps.

Pace is flat or improving — no urgency right now.

Phase 1 means risk on is working. Equities, commodities, and real estate all benefit from loose conditions. Enjoy it while it lasts.

For context: the last time credit stress built like this, credit spreads blew out and high yield bonds saw drawdowns of 15 percent

The Credit & Rates layer has Initial Jobless Claims, Copper/Gold Ratio flashing red.

Snider says The eurodollar system is tightening and nobody sees it. The data agrees with that assessment.

Phase 1 holds with 75 bps of buffer. Conditions favor risk but do not get complacent.

The pace is stable this week. No acceleration means no urgency — but do not confuse calm for safety.

Ground Truth

Wall Street trades the index. We trade the ground. Here is what the ZIP-level data is screaming about today.

Dukes, MA — Payment burden is past the breaking point

Falmouth, MA: median home $1,489,729 on a $73,611 household income. Price-to-income ratio 19.7.

When the math stops working, sellers find out before buyers do.

saguache county, CO — Builders are pouring concrete where nobody can afford to buy

saguache county, CO permitted 104 units this year — up 104% YoY. Affordability score in 81155: 26/100.

Supply chasing demand that doesn’t exist at these prices.

Marin, CA — Payment burden is past the breaking point

Bolinas, CA: median home $1,914,667 on a $96,442 household income. Price-to-income ratio 19.3.

When the math stops working, sellers find out before buyers do.

These are not handpicked metros. They are the loudest signals in the housing data right now — chosen by the numbers, not the narrative.

Historical Echo

Today’s debate asked: Everyone agrees on credit — so who’s wrong? Let me show you what happened the last time we were here.

S&P 500 at 7,473.5 is in the 99th percentile. That means it is higher than 99 out of 100 days in the past year.

2022: The S and P dropped 25 percent as the Fed raised rates at the fastest pace in 40 years.
2020: Markets fell 34 percent in 23 days then recovered to new highs within 5 months.
2018: A 20 percent correction in Q4 forced the Fed to reverse course on rate hikes.

Different environments, different catalysts — but every time, the resolution came fast. The pattern is not the level, it is the speed of the move once it starts.

Meanwhile, Copper at $6.38 — 98th percentile. The last time both S&P 500 and Copper were at these levels simultaneously, the resolution came within weeks.

If history rhymes, Gammon should be paying close attention because the clock is ticking on this pattern.

The Playbook

Here is what the data says to do right now.

Stay alert on VIX — it is dropping 3.9 percent today. Fast moves demand attention.

Avoid Phoenix at 41 percent payment burden — that is stretched territory.

Phase 1 holds. No alarms — but the runway at 75 bps is shorter than last month.

4 out of 7 speakers are right: MacIntosh, Snider, Gammon and Ceresna. When this many align, the trend usually has legs.

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Disclaimer: Educational purposes only. Not financial or investment advice. Speaker verdicts are scored against publicly available signal data, not personal opinion. 65 signals across 5 layers — no single signal tells the full story.