Indicator
|
Weekly
Level / Change
|
Implication
for
S
& P 500
|
Implication
for Nifty*
|
S
& P 500
|
2656, 1.99%
|
Bullish
|
Bullish
|
Nifty
|
10481, 1.44%
|
Neutral
**
|
Bullish
|
China
Shanghai Index
|
3159, 0.89%
|
Bullish
|
Bullish
|
Gold
|
1348, 0.88%
|
Bullish
|
Bullish
|
WTIC
Crude
|
67.39, 8.59%
|
Bullish
|
Bullish
|
Copper
|
3.07, 0.41%
|
Neutral
|
Neutral
|
Baltic
Dry Index
|
993, 4.20%
|
Bullish
|
Bullish
|
Euro
|
1.2344, 0.42%
|
Neutral
|
Neutral
|
Dollar/Yen
|
107.35, 0.41%
|
Neutral
|
Neutral
|
Dow
Transports
|
10370, 2.20%
|
Bullish
|
Bullish
|
High
Yield (ETF)
|
36.16, 1.18%
|
Bullish
|
Bullish
|
US
10 year Bond Yield
|
2.78%, 1.24%
|
Bearish
|
Bearish
|
Nyse
Summation Index
|
113, 262.20%
|
Bullish
|
Neutral
|
US
Vix
|
17.41, -18.99%
|
Bullish
|
Bullish
|
Skew
|
126
|
Neutral
|
Neutral
|
20
DMA, S and P 500
|
2649, Above
|
Bullish
|
Neutral
|
50
DMA, S and P 500
|
2690, Below
|
Bearish
|
Neutral
|
200
DMA, S and P 500
|
2599, Above
|
Bullish
|
Neutral
|
20
DMA, Nifty
|
10243, Above
|
Neutral
|
Bullish
|
50
DMA, Nifty
|
10400, Above
|
Neutral
|
Bullish
|
200
DMA, Nifty
|
10216, Above
|
Neutral
|
Bullish
|
India
Vix
|
14.14, -4.12%
|
Neutral
|
Bullish
|
Dollar/Rupee
|
65.20, 0.48%
|
Neutral
|
Neutral
|
Overall
|
S
& P 500
|
Nifty
|
|
Bullish
Indications
|
11
|
13
|
|
Bearish
Indications
|
2
|
1
|
|
Outlook
|
Bullish
|
Bullish
|
|
Observation
|
The
S and P 500 and the Nifty rallied last week. Indicators are bullish.
The
markets have made important tops. Time to watch those stops.
|
||
On
the Horizon
|
Australia
– RBA minutes, Employment data, New
Zealand – CPI, China –
Industrial production, GDP, Euro Zone –
German ZEW economic sentiment, CPI, UK-
Employment data, CPI, Retail sales, U.S
– Retail sales, Oil inventories, Canada
– BOC rate decision, CPI, Retail sales
|
||
*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 and the Nifty rallied last week. Indicators are bullish for the upcoming
week. Quantitative tightening by the FED is yet to be priced in fully. The
markets are still trading well over 3 standard deviations above their long term
averages from which corrections usually result. Indian market volatility is still
well below US market volatility as the nifty is close to resistance while the
US market is close to major support so there is complacency and some catch up
left on the down side in India. The critical levels to watch are 2670 (up) and 2645 (down) on the S & P and 10550 (up) and 10400 (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.
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