Market Signals for the US S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning August 31

Indicator	Weekly Level / Change / Significance	Implication for S & P 500	Implication for Nifty*
S & P 500	1989, 0.91%	Bullish	Bullish
Nifty	8002, -3.59%	Neutral**	Bearish
China Shanghai Index	3232, -7.85%	Bearish	Bearish
Gold	1133, -2.35%	Bearish	Bearish
WTIC Crude	45.31, 12.46%	Bullish	Bullish
Copper	2.35, 2.18%	Bullish	Bullish
Baltic Dry Index	903, -9.15%	Bearish	Bearish
Euro	1.1180, -1.83%	Bearish	Bearish
Dollar/Yen	121.73, -0.27%	Neutral	Neutral
Dow Transports	7909, 0.46%	Neutral	Neutral
US 10 year Bond Yield	2.19%, 6.43%	Bearish	Bearish
Nyse Summation Index	-612, -55.97%	Bearish	Neutral
US Vix	26.05, -7.06%	Bullish	Bullish
20 DMA, S and P 500	2043, Below	Bearish	Neutral
50 DMA, S and P 500	2075, Below	Bearish	Neutral
200 DMA, S and P 500	2075, Below	Bearish	Neutral
20 DMA, Nifty	8327, Below	Neutral	Bearish
50 DMA, Nifty	8403, Below	Neutral	Bearish
200 DMA, Nifty	8447, Below	Neutral	Bearish
India Vix	23.33, 36.31%	Neutral	Bearish
Dollar/Rupee	66.15, -0.09%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	4	4
Bearish Indications	9	10
Outlook	Bearish	Bearish
Observation	The Sand P 500 was up from oversold levels while the Nifty was down hard last week. Indicators are bearish. The Vix moves are flashing crash signs.  Looking for more downside in the Nifty and the S and P 500.
On the Horizon	US, Canada and German employment  data, Australia and ECB rate decisions, US and China PMI data, Euro zone CPI, Australia and Canada GDP
*Nifty	India’s Benchmark Stock Index
Raw Data	Courtesy Google finance, Stock charts, Dailyfx
**Neutral	Changes less than 0.5% are considered neutral

The markets dodged a bullet last week bouncing from over sold levels but major damage was done to the charts . Signals are bearish for the upcoming week and markets are in crash mode. There will be more downside upcoming in the Nifty and the S and P 500. 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.