Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning May 30

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2099, 2.28%	Bullish	Bullish
Nifty	8157, 5.25%	Neutral**	Bullish
China Shanghai Index	2821, -0.16%	Neutral	Neutral
Gold	1215,-3.00%	Bearish	Bearish
WTIC Crude	49.56, 2.23%	Bullish	Bullish
Copper	2.11, 2.65%	Bullish	Bullish
Baltic Dry Index	606, -3.04%	Bearish	Bearish
Euro	1.119, -0.25%	Neutral	Neutral
Dollar/Yen	110.34, 0.18%	Neutral	Neutral
Dow Transports	7772, 1.31%	Bullish	Bullish
High Yield (ETF)	35.27, 0.80%	Bullish	Bullish
US 10 year Bond Yield	1.85%, 0.11%	Neutral	Neutral
Nyse Summation Index	732, 1.16%	Bullish	Neutral
US Vix	13.12, -13.68%	Bullish	Bullish
20 DMA, S and P 500	2064, Above	Bullish	Neutral
50 DMA, S and P 500	2066, Above	Bullish	Neutral
200 DMA, S and P 500	2011, Above	Bullish	Neutral
20 DMA, Nifty	7842, Above	Neutral	Bullish
50 DMA, Nifty	7769, Above	Neutral	Bullish
200 DMA, Nifty	7786, Above	Neutral	Bullish
India Vix	15.26, -7.09%	Neutral	Bullish
Dollar/Rupee	67.03, -0.60%	Neutral	Bullish
Overall	S & P 500	Nifty
Bullish Indications	10	12
Bearish Indications	2	2
Outlook	Bullish	Bullish
Observation	The Sand P 500 and the Nifty rallied strong last week. Indicators are bullish. Markets are challenging resistance again. Time to tighten those stops.
On the Horizon	China –PMI, Australia – GDP, Euro Zone –German CPI, Employment data, Euro zone CPI, ECB rate decision, Switzerland – GDP,  U.S – ISM, Personal consumption expenditure, Consumer confidence, Employment data, Canada – GDP
*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 Sand P 500 and the Nifty rallied big 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 after this rally concludes. The critical levels to watch are 2110 (up) and 2080 (down) on the S & P and 8200 (up) and 8100 (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 support and resistance levels of the S and P 500 and Nifty Indices. Love your thoughts and feedback.