Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning May 2

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2065, -1.26%	Bearish	Bearish
Nifty	7850, -0.63%	Neutral**	Bearish
China Shanghai Index	2938, -0.71%	Bearish	Bearish
Gold	1295, 4.96%	Bullish	Bullish
WTIC Crude	45.99, 5.12%	Bullish	Bullish
Copper	2.28, 0.57%	Bullish	Bullish
Baltic Dry Index	703, 2.18%	Bullish	Bullish
Euro	1.135, 1.09%	Bullish	Bullish
Dollar/Yen	106.42, -4.79%	Bearish	Bearish
Dow Transports	7871, -2.65%	Bearish	Bearish
High Yield (ETF)	35.30, 0.74%	Bullish	Bullish
US 10 year Bond Yield	1.82%, -3.65%	Bullish	Bullish
Nyse Summation Index	1215, 4.03%	Bullish	Neutral
US Vix	15.70, 18.76%	Bearish	Bearish
20 DMA, S and P 500	2076, Below	Bearish	Neutral
50 DMA, S and P 500	2032, Above	Bullish	Neutral
200 DMA, S and P 500	2015, Above	Bullish	Neutral
20 DMA, Nifty	7781, Above	Neutral	Bullish
50 DMA, Nifty	7524, Above	Neutral	Bullish
200 DMA, Nifty	7850, Equal	Neutral	Neutral
India Vix	16.54, 0.96%	Neutral	Bearish
Dollar/Rupee	66.43, -0.35%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	10	9
Bearish Indications	6	7
Outlook	Bullish	Bullish
Observation	The Sand P 500 and the Nifty fell last week. Indicators are bullish. Markets are back at resistance. Time to tighten those stops as downside has resumed.
On the Horizon	Australia - Rate decision, New Zealand – Employment data, China – PMI, Canada – Employment data, U.S – ISM data, Employment data
*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 and the Nifty fell last week. Signals are bullish for the upcoming week. The Vix is suggesting complacency. The markets are back at resistance and are likely to continue major breakdowns in 2016 as the recent rally appears to have concluded. A big move is imminent.  The critical levels to watch are 2080 (up) and 2050 (down) on the S & P and 7900 (up) and 7800 (down) on the Nifty. A significant breach of the above levels could trigger the next big move in the above markets. 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.