Stock Market Signals for the US S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning August 3

Indicator	Weekly Level / Change / Significance	Implication for S & P 500	Implication for Nifty*
S & P 500	2104, 1.16%	Bullish	Bullish
Nifty	8533, 0.13%	Neutral**	Neutral
China Shanghai Index	3664, -10.00%	Bearish	Bearish
Gold	1095, -0.31%	Neutral	Neutral
WTIC Crude	46.77, -2.48%	Bearish	Bearish
Copper	2.35, -1.51%	Bearish	Bearish
Baltic Dry Index	1131, 4.14%	Bullish	Bullish
Euro	1.0983, 0.08%	Neutral	Neutral
Dollar/Yen	123.92, 0.13%	Neutral	Neutral
Dow Transports	8392, 3.96%	Bullish	Bullish
US 10 year Bond Yield	2.21%, -2.91%	Bullish	Bullish
Nyse Summation Index	-339, -20.07%	Bearish	Neutral
US Vix	12.12, -11.79%	Bullish	Bullish
20 DMA, S and P 500	2096, Above	Bullish	Neutral
50 DMA, S and P 500	2099, Above	Bullish	Neutral
200 DMA, S and P 500	2068, Above	Bullish	Neutral
20 DMA, Nifty	8482, Above	Neutral	Bullish
50 DMA, Nifty	8343, Above	Neutral	Bullish
200 DMA, Nifty	8418, Above	Neutral	Bullish
India Vix	14.57, -5.74%	Neutral	Bullish
Dollar/Rupee	63.98, -0.19%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	8	9
Bearish Indications	4	3
Outlook	Bullish	Bullish
Observation	The Sand P 500 rallied last week while the Nifty under performed. Indicators are bullish. The Vix is indicating complacency.  Market cycles are not favorable into mid August, so I am looking for a top in the upcoming bounce.
On the Horizon	US Personal Consumption & ISM data, AUS, UK & India rate decisions, AUS, NZ, Canada and US employment data
*Nifty	India’s Benchmark Stock Index
Raw Data	Courtesy Google finance, Stock charts, Dailyfx
**Neutral	Changes less than 0.5% are considered neutral

 Lot of whipsaws off late. Signals are bullish for the upcoming week but market cycles are unfavorable into mid August so I will look for a top 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.