Stock Market Signals for the US and Indian Stock Markets for the Week beginning July 20

Indicator	Weekly Level / Change / Significance	Implication for S & P 500	Implication for Nifty*
S & P 500	2127, 2.41%	Bullish	Bullish
Nifty	8610, 2.98%	Neutral**	Bullish
China Shanghai Index	3957, 2.09%	Bullish	Bullish
Gold	1132, -2.64%	Bearish	Bearish
WTIC Crude	50.78, -3.86%	Bearish	Bearish
Copper	2.50, -1.81%	Bearish	Bearish
Baltic Dry Index	1048, 19.91%	Bullish	Bullish
Euro	1.0846, -2.81%	Bearish	Bearish
Dollar/Yen	124.05, 1.05%	Bullish	Bullish
Dow Transports	8294, 1.12%	Bullish	Bullish
US 10 year Bond Yield	2.35%, -2.81%	Bullish	Bullish
Nyse Summation Index	-211, 47.60%	Bullish	Neutral
US Vix	11.95, -29%	Bullish	Bullish
20 DMA, S and P 500	2092, Above	Bullish	Neutral
50 DMA, S and P 500	2102, Above	Bullish	Neutral
200 DMA, S and P 500	2060, Above	Bullish	Neutral
20 DMA, Nifty	8434, Above	Neutral	Bullish
50 DMA, Nifty	8309, Above	Neutral	Bullish
200 DMA, Nifty	8393, Above	Neutral	Bullish
India Vix	14.80, -13.81%	Neutral	Bullish
Dollar/Rupee	63.49, 0.20%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	11	12
Bearish Indications	4	4
Outlook	Bullish	Bullish
Observation	The Sand P 500 was up last week while the Nifty out performed. Indicators are bullish.  Market cycles are not favorable into mid August, so I am looking for a top in this move up.
On the Horizon	RBA and BOE minutes, Australia CPI, US home sales, New Zealand rate decision, UK and Canada retail sales, Australia trade balance
*Nifty	India’s Benchmark Stock Index
Raw Data	Courtesy Google finance, Stock charts, Dailyfx
**Neutral	Changes less than 0.5% are considered neutral

Signals are bullish for the upcoming week. Bearish divergences and unfavorable market cycles into August however make me look for a near term top. You can check out last weeks report for a comparison.