Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning July 10

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2425, 0.07%	Neutral	Neutral
Nifty	9666, 1.52%	Neutral **	Bullish
China Shanghai Index	3218, 0.80%	Bullish	Bullish
Gold	1210, -2.62%	Bearish	Bearish
WTIC Crude	44.23, -3.93%	Bearish	Bearish
Copper	2.65, -2.36%	Bearish	Bearish
Baltic Dry Index	829, -9.89%	Bearish	Bearish
Euro	1.1401, -0.20%	Neutral	Neutral
Dollar/Yen	113.91, 1.28%	Bullish	Bullish
Dow Transports	9695, 1.37%	Bullish	Bullish
High Yield (ETF)	36.83, -0.54%	Bearish	Bearish
US 10 year Bond Yield	2.39%, 3.95%	Bearish	Bearish
Nyse Summation Index	560, -4.17%	Bearish	Neutral
US Vix	11.19, 0.09%	Neutral	Neutral
Skew	132	Neutral	Neutral
20 DMA, S and P 500	2432, Below	Bearish	Neutral
50 DMA, S and P 500	2414, Above	Bullish	Neutral
200 DMA, S and P 500	2300, Above	Bullish	Neutral
20 DMA, Nifty	9603, Above	Neutral	Bullish
50 DMA, Nifty	9524, Above	Neutral	Bullish
200 DMA, Nifty	8850, Above	Neutral	Bullish
India Vix	10.87, -7.37%	Neutral	Bullish
Dollar/Rupee	64.59, -0.02%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	5	8
Bearish Indications	8	6
Outlook	Bullish	Bullish
Observation	The S and P 500 was unchanged and the Nifty was up last week. Indicators are mixed. The market is breaking down from resistance. Time to tighten those stops.
On the Horizon	China – CPI, UK - Employment data, U.S – Trade balance, Oil inventories, Retail sales, Yellen speech, PPI, CPI, Canada – Rate decision, Poloz speech
*Nifty	India’s Benchmark Stock Market Index
Raw Data	Courtesy Google finance, Stock charts, investing.com
**Neutral	Changes less than 0.5% are considered neutral

The S and P 500 was unchanged and the Nifty was up last week. Signals are mixed for the upcoming week. Past and future FED rate hikes are yet to be priced in and sentiment indicators are back in complacency mode. Commodities are breaking down yet again. Market internals are flashing major warning signs of a large decline ahead. The critical levels to watch are 2435 (up) and 2415 (down) on the S & P and 9700 (up) and 9600 (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.