Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning March 20

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2378, 0.24%	Neutral	Neutral
Nifty	9160, 2.52%	Neutral **	Bullish
China Shanghai Index	3237, 0.77%	Bullish	Bullish
Gold	1230, 2.40%	Bullish	Bullish
WTIC Crude	49.31, 1.69%	Bullish	Bullish
Copper	2.69, 3.72%	Bullish	Bullish
Baltic Dry Index	1172, 10.15%	Bullish	Bullish
Euro	1.073, 0. 50%	Bullish	Bullish
Dollar/Yen	112.66, -1.86%	Bearish	Bearish
Dow Transports	9146, -1.55%	Bearish	Bearish
High Yield (ETF)	36.63, 0.83%	Bullish	Bullish
US 10 year Bond Yield	2.50%, -3.14%	Bullish	Bullish
Nyse Summation Index	321, -27.13%	Bearish	Neutral
US Vix	11.28, -3.26%	Bullish	Bullish
20 DMA, S and P 500	2372, Above	Bullish	Neutral
50 DMA, S and P 500	2323, Above	Bullish	Neutral
200 DMA, S and P 500	2202, Above	Bullish	Neutral
20 DMA, Nifty	8948, Above	Neutral	Bullish
50 DMA, Nifty	8702, Above	Neutral	Bullish
200 DMA, Nifty	8499, Above	Neutral	Bullish
India Vix	11.85, -15.08%	Neutral	Bullish
Dollar/Rupee	65.50, -1.46%	Neutral	Bullish
Overall	S & P 500	Nifty
Bullish Indications	12	14
Bearish Indications	3	2
Outlook	Bullish	Bullish
Observation	The S and P 500 and the Nifty were up last week. Indicators are bullish. The market is way over bought on sentiment. Time to watch those stops.
On the Horizon	New Zealand – Rate decision, UK – CPI, Canada - CPI,  U.S – Durable goods, Janet Yellen Speech
*Nifty	India’s Benchmark Stock Market Index
Raw Data	Courtesy Google finance, Stock charts, dailyfx.com
**Neutral	Changes less than 0.5% are considered neutral

The S and P 500 and the Nifty were up last week. Signals are bullish for the upcoming week. Past and future FED rate hikes are yet to be priced in and sentiment indicators are back in complacent mode. Market internals, transports and commodities are flashing major warning signs of a large decline ahead. The critical levels to watch are 2390 (up) and 2370 (down) on the S & P and 9200 (up) and 9100 (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. Love your thoughts and feedback.