Market Signals for the US S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning August 17

Indicator	Weekly Level / Change / Significance	Implication for S & P 500	Implication for Nifty*
S & P 500	2092, 0.67%	Bullish	Bullish
Nifty	8519, -0.54%	Neutral**	Bearish
China Shanghai Index	3965, 5.91%	Bullish	Bullish
Gold	1113, 1.82%	Bullish	Bullish
WTIC Crude	42.74, -2.31%	Bearish	Bearish
Copper	2.34, 0.75%	Bullish	Bullish
Baltic Dry Index	1055, -12.08%	Bearish	Bearish
Euro	1.1097, 1.13%	Bullish	Bullish
Dollar/Yen	124.32, 0.09%	Neutral	Neutral
Dow Transports	8319, 0.82%	Bullish	Bullish
US 10 year Bond Yield	2.20%, 0.97%	Bearish	Bearish
Nyse Summation Index	-298, 11.96%	Bullish	Neutral
US Vix	12.83, -4.18%	Bullish	Bullish
20 DMA, S and P 500	2096, Below	Bearish	Neutral
50 DMA, S and P 500	2095, Below	Bearish	Neutral
200 DMA, S and P 500	2077, Above	Bullish	Neutral
20 DMA, Nifty	8495, Above	Neutral	Bullish
50 DMA, Nifty	8386, Above	Neutral	Bullish
200 DMA, Nifty	8449, Above	Neutral	Bullish
India Vix	16.02, 7.44%	Neutral	Bearish
Dollar/Rupee	65.12, 2.22%	Neutral	Bearish
Overall	S & P 500	Nifty
Bullish Indications	9	10
Bearish Indications	5	6
Outlook	Bullish	Bullish
Observation	The Sand P 500 was up last week while the Nifty under performed. Indicators are bullish. The Vix is indicating complacency.  Once again I will look for topping action in the Nifty and the S and P 500 in the upcoming bounce.
On the Horizon	Japan GDP, US, UK and Canada CPI, US FOMC Minutes, US PMI
*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. I will look for some topping action in the Nifty and the S and P 500 in the upcoming bounce. You can check out last weeks report for a comparison. You can also check out snapshots of the S and P 500 and Nifty Indices.