Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning November 16

Indicator	Weekly Level / Change / Significance	Implication for S & P 500	Implication for Nifty*
S & P 500	2023, -3.63%	Bearish	Bearish
Nifty	7762,- 2.41%	Neutral**	Bearish
China Shanghai Index	3581, -0.26%	Neutral	Neutral
Gold	1083, -0.51%	Bearish	Bearish
WTIC Crude	40.73, -8.51%	Bearish	Bearish
Copper	2.16, -3.61%	Bearish	Bearish
Baltic Dry Index	560, -11.25%	Bearish	Bearish
Euro	1.0771, 0.26%	Neutral	Neutral
Dollar/Yen	122.61, -0.45%	Neutral	Neutral
Dow Transports	8010, -2.80%	Bearish	Bearish
US 10 year Bond Yield	2.28%, -2.27%	Bullish	Bullish
Nyse Summation Index	287, -43.05%	Bearish	Neutral
US Vix	20.08, 40.13%	Bearish	Bearish
20 DMA, S and P 500	2071, Below	Bearish	Neutral
50 DMA, S and P 500	2008, Above	Bullish	Neutral
200 DMA, S and P 500	2064, Below	Bearish	Neutral
20 DMA, Nifty	8085, Below	Neutral	Bearish
50 DMA, Nifty	7981, Below	Neutral	Bearish
200 DMA, Nifty	8351, Below	Neutral	Bearish
India Vix	17.65, -9.35%	Neutral	Bullish
Dollar/Rupee	66.10, 0.06%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	2	2
Bearish Indications	10	8
Outlook	Bullish	Bearish
Observation	The Sand P 500 and the Nifty were down big last week. Indicators are bearish. Markets are getting oversold, so we may get a short term bounce from near the 2000 level on the S &P 500.
On the Horizon	Canada – CPI, China – Loan data, Euro Zone – ZEW Sentiment Survey, Japan – GDP, U.K – CPI, U.S – CPI, Fed Minutes.
*Nifty	India’s Benchmark Stock Market Index
Raw Data	Courtesy Google finance, Stock charts, FXCM
**Neutral	Changes less than 0.5% are considered neutral

The US market was and the Nifty sold off sharply last week. Signals are bearish for the upcoming week. The markets are likely to continue to correct with most emerging markets, and commodities already breaking down on a strong dollar and a hawkish FED. An oversold bounce may occur from levels near 2000 on the S & P 500. There will be more downside upcoming in the #Nifty and the S and P 500, with at least a retest of the lows for the S and P 500 near 1867 and Nifty near 7550 in the upcoming months. You can check out last week’s report for a comparison. You can also check out snapshots of the S and P 500 and Nifty Indices. Love your thoughts and feedback.