tag:blogger.com,1999:blog-21393284902405847762024-03-18T08:06:25.465-07:00Ahead of the Curve Ahead of the Curve provides you with analysis and insight into today's global financial markets. The latest news and views from global stock, bond, commodity and FOREX markets are discussed.Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.comBlogger933125tag:blogger.com,1999:blog-2139328490240584776.post-59552294539091856922024-03-18T08:05:00.000-07:002024-03-18T08:05:36.365-07:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning March 18<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
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<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5117, -0.13%<o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22023, -2.09%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3055, 0.28%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2159, -1.19%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">80.58, 3.29%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.12, 5.90%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">285, 2.90%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2374, 1.24%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0888, -0.45%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">149.07, 1.36%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15499, -1.40%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">107.83, -1.09%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.35, -0.37%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.31%, 5.47%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">787, 4%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">14.41, -2.24%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">139<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5096, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4963, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4576, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22200, Below<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21894, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20227,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">27.77<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22.74<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.69, 0.57%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">82.89, 0.18%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">6<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">9<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P was unchanged while the Nifty fell last week. Indicators are mixed
for the week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
topping. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone </span></b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– CPI, <b>UK </b>–<b> </b>CPI, BOE rate decision,<b> US –</b> FOMC
rate decision, <b>Japan </b>–<b> </b>BOJ rate decision</span><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Data courtesy
stockcharts.com, investing.com, multpl.com, nseindia.com<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRagkhCVfK1_hBWldNdTXLSi4HFjRrGFXswNF8niYspiYTNqepNkwXSoUUwo0Shq3TXttyfj0-JUPIzzdgHOOLh15iweCKvJ6kX55tmfwdQjIcO1Cstu2SXBe3qqHqTzb12I8KxATn1AlIjW5l8Wt01jzEpDKRScKHjY5Yha86WrqXEmxxTIEBQpSnTNhd/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="261" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjRagkhCVfK1_hBWldNdTXLSi4HFjRrGFXswNF8niYspiYTNqepNkwXSoUUwo0Shq3TXttyfj0-JUPIzzdgHOOLh15iweCKvJ6kX55tmfwdQjIcO1Cstu2SXBe3qqHqTzb12I8KxATn1AlIjW5l8Wt01jzEpDKRScKHjY5Yha86WrqXEmxxTIEBQpSnTNhd/w549-h261/NIFTY_2023-01-02_20-20-46.png" width="549" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 was unchanged and the Nifty fell </b>last
week. Indicators are <b>mixed </b>for the week. <b>Markets are topping</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has started to correct and will likely underperform. We
are <b>way overbought</b> short-term and are overdue a pullback here
to as low as the <b>50 DMA, </b>as we embrace<b> bearish seasonality</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets little changed. Most emerging
markets were unchanged, as interest rates rose. Transports fell. The Baltic dry
index rose. The dollar rose. Commodities rose sharply. Valuations continue to
be quite expensive, market breadth improved, and the sentiment is now
exuberant. Fear fell this week, as a possible reality check from an immediate
FED Pivot loom.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, a currency crisis should resume and push risky
assets to new lows across the board. Deflation is in the air despite the recent
inflationary spike and bonds are telegraphing just that. Feels like a
2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is near all-time highs. We have bounced from <b>recent
lows without capitulation</b>. This suggests the lows may not be in and the
regime has changed from <b>buying the dip to selling the rip</b>. We may
get a <b>final flush down</b> soon. Risky assets should continue
breaking to the downside across the board, as earnings growth peaks.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 5130 (up) and 5105
(down) on the S&P 500 and 22100 (up) and 21950 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2024/03/stock-market-signals-march-11.html" target="_blank"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;">last week’s
report</span></a></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-24563984573056127442024-03-11T05:25:00.000-07:002024-03-11T05:25:13.249-07:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning March 11<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5124, -0.26%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22494, 0.51%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3046, 0.63%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2186, 4.32%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">77.85, -2.65%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.89, 0.76%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">277, -0.18%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2345, 6.45%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0938, 0.93%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">147.07, -2.03%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15718, -0.72%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">109.02, 1.02%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.69, 0.30%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.08%, -2.59%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">759, 9%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">14.74, 12.43%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">141<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5061, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4924, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4551, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22103, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21849, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20130,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">27.81<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">23.22<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.61, -9.20%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">82.75, -0.11%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">11<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">12<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">7<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">7<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P was unchanged and the Nifty rose last week. Indicators are bullish
for the week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
topping. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone </span></b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– German CPI, <b>UK </b>–<b> </b>GDP,<b> US –</b> CPI, PPI, <b>Japan </b>–<b>
</b>GDP</span><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Data courtesy
stockcharts.com, investing.com, multpl.com, nseindia.com<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgD92DVrIGEki0hQ-bVCYi8CyWZbwTsuWSZy4YOZXZ7bB53T3ZI7IDVzX8UJsdHSNNbkR59TSUYorIVFreJuM7I0BjdO670c43JqQfpqy5EbrFf_qL1b10CjK4-Z3Veuu99Qm5xKeJivDi2IMhPPWfNLgDTrUNhxA1NqZyhadvnLJjmtMjY1c-sJIwntKRC/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="305" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgD92DVrIGEki0hQ-bVCYi8CyWZbwTsuWSZy4YOZXZ7bB53T3ZI7IDVzX8UJsdHSNNbkR59TSUYorIVFreJuM7I0BjdO670c43JqQfpqy5EbrFf_qL1b10CjK4-Z3Veuu99Qm5xKeJivDi2IMhPPWfNLgDTrUNhxA1NqZyhadvnLJjmtMjY1c-sJIwntKRC/w565-h305/NIFTY_2023-01-02_20-20-46.png" width="565" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 was unchanged and the Nifty rose </b>last
week. Indicators are <b>bullish </b>for the week. <b>Markets are
topping</b>. We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has started to correct and will likely underperform. We
are <b>way overbought</b> short-term and are overdue a pullback here
to as low as the <b>50 DMA soon, </b>as we embrace<b> bearish seasonality</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets little changed. Most emerging
markets rose, as interest rates fell. Transports fell. The Baltic dry index rose.
The dollar fell. Commodities were unchanged. Valuations continue to be quite
expensive, market breadth improved, and the sentiment is now exuberant. Fear rose
this week, as a possible reality check from an immediate FED Pivot loom.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, a currency crisis should resume and push risky
assets to new lows across the board. Deflation is in the air despite the recent
inflationary spike and bonds are telegraphing just that. Feels like a
2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is near all-time highs. We have bounced from <b>recent
lows without capitulation</b>. This suggests the lows may not be in and the
regime has changed from <b>buying the dip to selling the rip</b>. We may
get a <b>final flush down</b> soon. Risky assets should continue
breaking to the downside across the board, as earnings growth peaks.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 5135 (up) and 5110
(down) on the S&P 500 and 22550 (up) and 22400 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2024/03/stock-market-signals-march-04.html" target="_blank"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;">last week’s
report</span></a></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-79256995925600995782024-03-04T06:25:00.000-08:002024-03-04T06:25:55.233-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning March 04<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
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<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5137, 0.95%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22378, 0.75%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3027, 0.74%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2092, 2.56%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">79.81, 4.34%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.86, -0.84%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">277, 2.32%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2203, 18.06%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0837, 0.18%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">150.10, -0.27%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15833, -0.56%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">107.92, -0.13%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.42, -0.30%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.19%, -1.46%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">693, 4%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.11, -4.65%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">150<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Extreme Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5024, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4887, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4528, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21984, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21759, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20046,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">27.88<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">23.06<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">14.99, 0.13%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">82.85, -0.01%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">12<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">12<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P and the Nifty rose last week. Indicators are bullish for the week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
topping. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone </span></b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– ECB rate decision, <b>US –</b> FED Talk, Employment data</span><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCwd_Im1FU6gHuBeEW4YaLUp_S0Qr4Tj-Jb6guV7v4i788b4GJ0viKIc7o4OkMeSDFvqZfjUKh0lJjxL0qNelBJsLmX5fYo7iLJLp-F4lX5Abao7b1D_opXIexLsag3ERlhegGulqADlpWU7Z5zrHucpsXzj0J1tNxkZoxuZ7rfy2ElA6tC1k7BymIGs-N/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="325" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCwd_Im1FU6gHuBeEW4YaLUp_S0Qr4Tj-Jb6guV7v4i788b4GJ0viKIc7o4OkMeSDFvqZfjUKh0lJjxL0qNelBJsLmX5fYo7iLJLp-F4lX5Abao7b1D_opXIexLsag3ERlhegGulqADlpWU7Z5zrHucpsXzj0J1tNxkZoxuZ7rfy2ElA6tC1k7BymIGs-N/w568-h325/NIFTY_2023-01-02_20-20-46.png" width="568" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 and the Nifty rose </b>last week.
Indicators are <b>bullish </b>for the week. <b>Markets are topping</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has started to correct and will likely underperform. We
are <b>way overbought</b> short-term and are overdue a pullback here
to as low as the <b>50 DMA, </b>as we embrace<b> bearish seasonality</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets rise. Most emerging markets were
unchanged, even as interest rates fell. Transports fell. The Baltic dry index rose.
The dollar was unchanged. Commodities rose. Valuations continue to be quite
expensive, market breadth improved, and the sentiment is now exuberant. Fear abated
this week, as a possible reality check from an immediate FED Pivot loom.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, a currency crisis should resume and push risky
assets to new lows across the board. Deflation is in the air despite the recent
inflationary spike and bonds are telegraphing just that. Feels like a
2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is near all-time highs. We have bounced from <b>recent
lows without capitulation</b>. This suggests the lows may not be in and the
regime has changed from <b>buying the dip to selling the rip</b>. We may
get a <b>final flush down</b> soon. Risky assets should continue
breaking to the downside across the board, as earnings growth peaks.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 5150 (up) and 5125
(down) on the S&P 500 and 22450 (up) and 22300 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2024/02/tock-market-signals-february-26.html" target="_blank"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;">last week’s
report</span></a></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-75458271788958397922024-02-26T04:46:00.000-08:002024-02-26T04:46:29.034-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning February 26<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
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<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5089, 1.66%<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22213, 0.78%<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3005, 4.85%<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
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<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2046, 0.99%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">76.57, -2.03%<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.90, 2.20%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">271, -0.65%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1866, 15.90%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0821, 0.44%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">150.52, 0.
21%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15921, 1.87%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">108.06, 0.54%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.70, 0.53%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.25%, -1.12%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">668, 2%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.75, -3.44%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">144<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Extreme Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4976, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4849, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4504, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21881, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21675, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19951,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">27.62<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22.93<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">14.97, -1.64%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">82.88, -0.16%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">14<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P and the Nifty rose last week. Indicators are bullish for the week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
topping. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone </span></b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– CPI, <b>US –</b> GDP</span><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYSNyIR5SXZkDKhDgyL-ECr_Nb8XoDF_5Y63NUtrgqi4eDwOjZDZHtHhgla76AWW00n3eilAHgcyGcaMszX15q0Ypxd7FrHxIdOId5O-oqjL2oqO2Kj5YCDiF4UwHu_t5Yv1NEEE0OLaHTubz3SfXnAcQNpy2wF0DMkmYAtjbhocbje4GjLvsLGNMM7tK7/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="346" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYSNyIR5SXZkDKhDgyL-ECr_Nb8XoDF_5Y63NUtrgqi4eDwOjZDZHtHhgla76AWW00n3eilAHgcyGcaMszX15q0Ypxd7FrHxIdOId5O-oqjL2oqO2Kj5YCDiF4UwHu_t5Yv1NEEE0OLaHTubz3SfXnAcQNpy2wF0DMkmYAtjbhocbje4GjLvsLGNMM7tK7/w632-h346/NIFTY_2023-01-02_20-20-46.png" width="632" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 and the Nifty rose </b>last week.
Indicators are <b>bullish </b>for the week. <b>Markets are topping</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has started to correct and will likely underperform. We
are <b>way overbought</b> short-term and are overdue a pull back here
to as low as the <b>50 DMA, </b>as we enter<b> bearish seasonality</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets rise. Most emerging markets rose,
as interest rates fell. Transports rebounded. The Baltic dry index rose. The
dollar was unchanged. Commodities fell. Valuations continue to be quite
expensive, market breadth rebounded, and the sentiment is now exuberant. Fear fell
this week, as a possible reality check from an immediate FED Pivot loom.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, the recent currency crisis should resume and
push risky assets to new lows across the board. Deflation is in the air despite
the recent inflationary spike and bonds are telegraphing just that. Feels like
a 2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is near its recent highs. We have bounced
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 5100 (up) and 5075
(down) on the S&P 500 and 22300 (up) and 22150 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2024/02/stock-market-signals-february-19.html" target="_blank"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;">last week’s
report</span></a></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-25736252851852581252024-02-20T05:10:00.000-08:002024-02-21T20:27:52.324-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning February 19<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
</tr>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5006, -0.42%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22041, 1.19%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2866, 0.00%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid windowtext; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2026, -0.65%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">79.22, 3.10%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid windowtext; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.82, 3.82%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">273, -0.64%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid windowtext; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1610, 4.21%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0777, -0.05%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">150.18, 0.
59%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15629, -3.62%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">107.48, -0.63%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.20, -0.58%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.28%, 2.48%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">653, 14%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">14.24, 10.13%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">143<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Extreme Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4943, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4813, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4485, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21698, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21554, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19850,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">27.17<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: 1pt solid windowtext; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22.76<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15.22, -1.46%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">83.02, 0.02%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: 1pt solid windowtext; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: 1pt solid windowtext; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">9<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">10<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">10<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: 1pt solid windowtext; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P 500 fell, and the Nifty rose last week. Indicators are bearish for
the week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
topping. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone </span></b><span style="font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– CPI, German GDP, <b>US –</b> FOMC minutes</span><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
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<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy stockcharts.com, investing.com, multpl.com, NSE<o:p></o:p></span></p>
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<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
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<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
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</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiruLy-zlKCrOV9se4dkCAWcRiU1JekWDwI7YTxrzGJYnhDUuvfAq2EbZrk1vHPOxKZQc0yEelTv4LworyDOd_S1h9gItD0JDF6umjBXKCttfPMyIlQeScVSs90xZVy0FxaDyK-7iQBZtVKHFICB6T-Nt5Qr-OXKjIzgrXAlkauFiQnj6Y0p2rwP5yrrhLa/s1562/NIFTY_2023-01-02_20-20-46.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="304" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiruLy-zlKCrOV9se4dkCAWcRiU1JekWDwI7YTxrzGJYnhDUuvfAq2EbZrk1vHPOxKZQc0yEelTv4LworyDOd_S1h9gItD0JDF6umjBXKCttfPMyIlQeScVSs90xZVy0FxaDyK-7iQBZtVKHFICB6T-Nt5Qr-OXKjIzgrXAlkauFiQnj6Y0p2rwP5yrrhLa/w602-h304/NIFTY_2023-01-02_20-20-46.png" width="602" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 fell and the Nifty rose </b>last week.
Indicators are <b>bearish </b>for the week. <b>Markets are topping</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has started to correct and will likely underperform. We
are <b>way overbought</b> short-term and are overdue a pullback here
to as low as the <b>50 DMA, </b>as we enter<b> bearish seasonality</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets fall. Most emerging markets rose,
even as interest rates rose. Transports led down. The Baltic dry index rose.
The dollar was unchanged. Commodities fell. Valuations continue to be quite
expensive, market breadth rebounded, and the sentiment is now exuberant. Fear rose
this week, as a possible reality check from an immediate FED Pivot loom.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, the recent currency crisis should resume and
push risky assets to new lows across the board. Deflation is in the air despite
the recent inflationary spike and bonds are telegraphing just that. Feels like
a 2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is near its recent highs. We have bounced
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 5020 (up) and 4995
(down) on the S&P 500 and 22150 (up) and 21950 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;"><a href="https://rajveersmarketviews.blogspot.com/2024/02/stock-market-signals-february-12.html" target="_blank">last week’s
report</a></span></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"><a href="https://rajveersmarketviews.blogspot.com/2024/02/stock-market-signals-february-12.html" target="_blank"> </a>for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-72458012550250463532024-02-12T21:02:00.000-08:002024-02-12T21:02:20.003-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning February 12<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5027, 1.37%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21783, -0.33%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2866, 4.97%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid windowtext; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2039, -0.73%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">76.60, 5.98%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid windowtext; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.69, -3.55%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">274, 2.47%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid windowtext; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1545, 9.81%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0785, 0.01%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">149.29, 0.
62%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">16216, 2.63%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">108.17, -1.32%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.76, 0.33%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.18%, 3.81%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">575, -13%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">12.93, -6.64%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">157<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Extreme Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4888, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4770, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4463, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21702, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21411, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19748,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">27.28<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: 1pt solid windowtext; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22.51<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15.45, 5.10%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">83.01, 0.02%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: 1pt solid windowtext; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: 1pt solid windowtext; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">11<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">11<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: 1pt solid windowtext; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P 500 rose and the Nifty was little changed last week. Indicators are bullish
for the week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
topping. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">US </span></b><span style="font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– CPI, PPI, <b>UK –</b> CPI, GDP,
<b>Japan –</b> GDP</span><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span><span style="font-size: 10pt;">India’s
Benchmark Stock Market Index</span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4t5ofld_HXfrpzZaOnz_8NNdXA1sKYra8vEYjjsU7wmc-PqWQj-ZUQ1l2xrlU2SbltSYOilBEjDA3BlOlUjexF3bWqNdlBjlSQLFhFcpPUxqVsl_iLag9yWnWpEoUc1sk50fd3pBL_sqSuezxZBcGSIuYmjGOR1IB6iYS5NuctxDQ5MBwyNgFq6HQozWM/s1562/NIFTY_2023-01-02_20-20-46.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="210" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi4t5ofld_HXfrpzZaOnz_8NNdXA1sKYra8vEYjjsU7wmc-PqWQj-ZUQ1l2xrlU2SbltSYOilBEjDA3BlOlUjexF3bWqNdlBjlSQLFhFcpPUxqVsl_iLag9yWnWpEoUc1sk50fd3pBL_sqSuezxZBcGSIuYmjGOR1IB6iYS5NuctxDQ5MBwyNgFq6HQozWM/w442-h210/NIFTY_2023-01-02_20-20-46.png" width="442" /></a></span></div><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><br /></span><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 rose and the Nifty was unchanged </b>last
week. Indicators are <b>bullish </b>for the week. <b>Markets are
topping</b>. We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has started to correct and will likely underperform. We
are <b>way overbought</b> short-term and are overdue a pull back here
to as low as the <b>50 DMA, </b>as we enter<b> bearish seasonality</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets rise. Most emerging markets rose,
even as interest rates rose. Transports led up. The Baltic dry index rose. The
dollar was unchanged. Commodities rose. Valuations continue to be quite
expensive, market breadth fell, and the sentiment is now exuberant. Fear reduced
this week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, the recent currency crisis should resume and
push risky assets to new lows across the board. Deflation is in the air despite
the recent inflationary spike and bonds are telegraphing just that. Feels like
a 2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is near its recent highs. We have bounced
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 5040 (up) and 5015
(down) on the S&P 500 and 21850 (up) and 21700 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2024/02/stock-market-signals-february-05.html" target="_blank"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;">last week’s
report</span></a></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-43938624386004569892024-02-05T05:30:00.000-08:002024-02-05T20:21:08.359-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning February 05<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4959, 1.38%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21854, 2.35%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2730, -6.19%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid windowtext; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2057, 1.50%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">72.41, -7.18%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid windowtext; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.82, -0.86%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">268, -2.13%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid windowtext; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1407, -7.31%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0788, -0.59%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">148.40, 0.16%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15800, -0.64%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">109.61, 0.48%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.45, -0.59%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.02%, -2.79%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">661, 6%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.85, 4.45%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">160<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4831, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4727, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4442, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21648, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21210, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19645,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">26.91<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: 1pt solid windowtext; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22.51<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">14.70, 6.00%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">83.01, -0.13%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: 1pt solid windowtext; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: 1pt solid windowtext; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">7<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">7<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">11<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: 1pt solid windowtext; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P 500 and the Nifty rose last week. Indicators are bearish for the
week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
topping. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone </span></b><span style="font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– German CPI, <b>US</b> – Fed talk, <b>India</b> - RBI rate decision</span><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOhRFHZTT3k-nu3lXz_nSeOzFU91bYAQZfl6TCmO5QG_O71exGmpSJEbA2nh0QUcSsf0e-xZqTXxMoZ2cEzOgwyWNIoUbNsSqAdYo3tMZjF86YCePPbf2Sg8MkeleZCiRUgbJbA3RgQ40FQWGGZZOiGZ5YqR-4Rtn29Gj2p1Ywv3ekWLBipwHBKaFhlMWA/s1562/NIFTY_2023-01-02_20-20-46.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="329" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhOhRFHZTT3k-nu3lXz_nSeOzFU91bYAQZfl6TCmO5QG_O71exGmpSJEbA2nh0QUcSsf0e-xZqTXxMoZ2cEzOgwyWNIoUbNsSqAdYo3tMZjF86YCePPbf2Sg8MkeleZCiRUgbJbA3RgQ40FQWGGZZOiGZ5YqR-4Rtn29Gj2p1Ywv3ekWLBipwHBKaFhlMWA/w545-h329/NIFTY_2023-01-02_20-20-46.png" width="545" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 and the Nifty rose</b> last week.
Indicators are <b>bearish </b>for the week. <b>Markets are topping</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has started to correct and will likely underperform. We
are <b>way overbought</b> short-term and are overdue a <b>pullback</b> here
to as low as the <b>50 DMA, </b>as we enter<b> bearish seasonality</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets rise. Most emerging markets fell,
even as interest rates fell. Transports fell. The Baltic dry index fell. The
dollar rose. Commodities fell. Tail risk is quite high. Valuations continue to be quite expensive,
market breadth rebounded, and the sentiment is now exuberant. Fear rose this
week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, the recent currency crisis should resume and
push risky assets to new lows across the board. Deflation is in the air despite
the recent inflationary spike and bonds are telegraphing just that. Feels like
a 2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is near its recent highs. We have bounced
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 4970 (up) and 4945
(down) on the S&P 500 and 21950 (up) and 21750 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;"><a href="https://rajveersmarketviews.blogspot.com/2024/01/stock-market-signals-january-29.html" target="_blank">last week’s
report</a></span></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"><a href="https://rajveersmarketviews.blogspot.com/2024/01/stock-market-signals-january-29.html" target="_blank"> </a>for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-21763912637441919082024-01-29T05:57:00.000-08:002024-01-30T04:00:38.288-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning January 29<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
</tr>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4891, 1.06%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21353, -1.02%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2910, 2.75%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid windowtext; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2037, 0.38%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">78.23, 6.57%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid windowtext; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.85, 1.77%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">274, 3.09%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid windowtext; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1518, 1.00%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0854, -0.39%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">148.15, 0.01%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15901, 1.98%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">109.09, 0.09%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">95.02, 0.68%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.14%, 0.21%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">626, -3%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.26, -0.30%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">151<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Extreme Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4788, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4687, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4422, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21643, Below<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21006, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19544,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">26.55<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: 1pt solid windowtext; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22.27<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.87, 1.09%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">83.12, 0.05%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: 1pt solid windowtext; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: 1pt solid windowtext; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">11<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">10<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">6<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: 1pt solid windowtext; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P 500 rose and the Nifty fell last week. Indicators are bullish for the
week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
topping. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><b>Eurozone - </b>German GDP, <b>UK </b></span><span style="font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"><b>–</b> BOE rate decision, <b>US –</b> FOMC rate decision, Employment data, <b>India -</b> Union Budget </span><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmZcZLF_YA7QmIzerlqrxGlAVq1p0p9rzhpO3Qj5oQ0MYQu4I5soIGLKH43Om-SXeGC4cAqcGhHyAo8IBqh-3nvidV6KIh5IuGtv1q2pDbMyHaW0DpncG9-F1XXryg6u-pthvnFgaAqCMVTFsOLZY-vyVWiGi3TN7qKEs1pyDE6P7-H5YOlhqNCSiPEUfB/s1562/NIFTY_2023-01-02_20-20-46.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="298" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhmZcZLF_YA7QmIzerlqrxGlAVq1p0p9rzhpO3Qj5oQ0MYQu4I5soIGLKH43Om-SXeGC4cAqcGhHyAo8IBqh-3nvidV6KIh5IuGtv1q2pDbMyHaW0DpncG9-F1XXryg6u-pthvnFgaAqCMVTFsOLZY-vyVWiGi3TN7qKEs1pyDE6P7-H5YOlhqNCSiPEUfB/w547-h298/NIFTY_2023-01-02_20-20-46.png" width="547" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 rose and the Nifty fell </b>last week.
Indicators are <b>bullish </b>for the week. <b>Markets are topping</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has started to correct and will likely underperform. We
are <b>way overbought</b> short-term and will continue pulling back
here sharply to as low as the <b>50 DMA</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets rise. Most emerging markets rose,
as interest rates were little changed. Transports rose. The Baltic dry index rebounded.
The dollar was unchanged. Commodities rose significantly. Valuations continue
to be quite expensive, market breadth fell, and the sentiment is now exuberant.
Fear was unchanged this week, as a possible reality check from a FED Pivot
looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, the recent currency crisis should resume and
push risky assets to new lows across the board. Deflation is in the air despite
the recent inflationary spike and bonds are telegraphing just that. Feels like
a 2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is encountering resistance near its recent highs.
We have bounced from <b>recent lows without capitulation</b>. This
suggests the lows may not be in and the regime has changed from <b>buying
the dip to selling the rip</b>. We may get a <b>final flush down</b> soon.
Risky assets should continue breaking to the downside across the board, as
downward earnings revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 4905 (up) and 4890
(down) on the S&P 500 and 21450 (up) and 21250 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;"><a href="https://rajveersmarketviews.blogspot.com/2024/01/stock-market-signals-january-22.html" target="_blank">last week’s
report</a></span></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"><a href="https://rajveersmarketviews.blogspot.com/2024/01/stock-market-signals-january-22.html" target="_blank"> </a>for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-72377019713256509592024-01-22T05:38:00.000-08:002024-01-22T05:38:29.463-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning January 22<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4840, 1.17%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21572, -1.47%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2832, -1.72%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2032, - 0.95%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">73.43, 1.06%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.79, 1.06%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">265, 0.38%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1503, 2.95%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0897, - 0.47%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">148.15, 2.24%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15592, 0.79%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">108.99, -1.31%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.42, - 0.74%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.13%, 4.08%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">646, -26%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.30, 4.72%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">148<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4757, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4638, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4403, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21662, Below<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20890, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19483,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">26.27<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22.79<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.80, 5.36%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">83.11, 0.31%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">9<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">10<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">12<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P 500 rose and the Nifty fell last week. Indicators are bearish for the
week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
topping. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone </span></b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– ECB rate decision, <b>US</b> – GDP</span><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz0CXhx5PfyZ_Kgg4h9Yhm3VHZEaWxiBwUZ5TJv89ZOfamIj2JjmkzEkY6IhcCvS6K1erOStwl9PjhdV8h7uliJOnqdPdPZlMy7pz2Id5wNXLV8NcuwkrWsBT6wRd_ffELpE_XMcFM3m5V0wW2mGmkMA1r209rFVPUfkX30BqX_nAi65UtXgaZJlPVitKX/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="340" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjz0CXhx5PfyZ_Kgg4h9Yhm3VHZEaWxiBwUZ5TJv89ZOfamIj2JjmkzEkY6IhcCvS6K1erOStwl9PjhdV8h7uliJOnqdPdPZlMy7pz2Id5wNXLV8NcuwkrWsBT6wRd_ffELpE_XMcFM3m5V0wW2mGmkMA1r209rFVPUfkX30BqX_nAi65UtXgaZJlPVitKX/w583-h340/NIFTY_2023-01-02_20-20-46.png" width="583" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 rose and the Nifty fell </b>last week.
Indicators are <b>bearish </b>for the week. <b>Markets are topping</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has started to correct and will likely underperform. We
are <b>way overbought</b> short-term and will continue pulling back
here sharply to as low as the <b>50 DMA</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets rise. Most emerging markets fell,
as interest rates rose. Transports rose. The Baltic dry index rebounded. The
dollar was unchanged. Commodities rose. Valuations continue to be quite
expensive, market breadth fell, and the sentiment is now exuberant. Fear rose
this week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, the recent currency crisis should resume and
push risky assets to new lows across the board. Deflation is in the air despite
the recent inflationary spike and bonds are telegraphing just that. Feels like
a 2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is encountering resistance near its recent highs.
We have bounced from <b>recent lows without capitulation</b>. This
suggests the lows may not be in and the regime has changed from <b>buying
the dip to selling the rip</b>. We may get a <b>final flush down</b> soon.
Risky assets should continue breaking to the downside across the board, as
downward earnings revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 4850 (up) and 4825
(down) on the S&P 500 and 21650 (up) and 21500 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2024/01/stock-market-signals-january-15.html" target="_blank"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;">last week’s
report</span></a></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-66735110610412219042024-01-16T06:21:00.000-08:002024-01-16T06:21:07.499-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning January 15<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4784, 1.84%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21895, 0.85%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2882, -1.61%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2054, 0.19%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">72.76, -1.42%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.74, -1.87%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">264, -0.58%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1460, -30.81%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0949, 0.07%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">144.93, 0.19%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15471, -0.25%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">110.47, 1.67%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">95.09, 1.29%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.94%, -2.77%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">875, -11%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">12.70, -4.87%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">144<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4748, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4601, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4389, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21560, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20638, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19364,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">25.96<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">23.34<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.10, 3.72%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">82.86, -0.29%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">9<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">9<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">9<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P 500 and the Nifty rose last week. Indicators are mixed for the week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
correcting from resistance. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone </span></b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– CPI, <b>UK –</b> CPI, <b>China</b> – GDP</span><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
</td>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge7FaEYUl_JksZUPaKIHBN9Q3Y04Qjiznx8uzfWafWXJ_cqizymw8msj0U86QWA7dA6HdheFv2jkbwlAZ75KV6bHWJqVXNi81_899Qj5-bJE1dycknWry957FDFvrrBiruURojY8RV-nEE-o6BWqaS1sTLTf3lTodAQGxB71jYPt1uvt3nSpMragsCye__/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="315" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEge7FaEYUl_JksZUPaKIHBN9Q3Y04Qjiznx8uzfWafWXJ_cqizymw8msj0U86QWA7dA6HdheFv2jkbwlAZ75KV6bHWJqVXNi81_899Qj5-bJE1dycknWry957FDFvrrBiruURojY8RV-nEE-o6BWqaS1sTLTf3lTodAQGxB71jYPt1uvt3nSpMragsCye__/w571-h315/NIFTY_2023-01-02_20-20-46.png" width="571" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 and the Nifty rose </b>last week.
Indicators are <b>mixed </b>for the week. <b>Markets are at
resistance</b>. We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has caught up to the upside. We are <b>way
overbought</b> short-term and will continue pulling back here sharply to
as low as the <b>50 DMA</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets fall. Most emerging markets fell,
even as interest rates fell. Transports were down slightly. The Baltic dry
index cratered. The dollar was unchanged. Commodities fell. Valuations continue
to be quite expensive, market breadth fell, and the sentiment is now exuberant.
Fear abated this week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, the recent currency crisis should resume and
push risky assets to new lows across the board. Deflation is in the air despite
the recent inflationary spike and bonds are telegraphing just that. Feels like
a 2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is encountering resistance near its recent highs.
We have bounced from <b>recent lows without capitulation</b>. This
suggests the lows may not be in and the regime has changed from <b>buying
the dip to selling the rip</b>. We may get a <b>final flush down</b> soon.
Risky assets should continue breaking to the downside across the board, as
downward earnings revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 4795 (up) and 4770
(down) on the S&P 500 and 22000 (up) and 21800 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2024/01/stock-market-signals-january-08.html" target="_blank"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;">last week’s
report</span></a></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-709841483398352972024-01-08T05:32:00.000-08:002024-01-08T05:32:55.705-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning January 08<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4697, -1.52%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21731, -0.09%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2929, -1.54%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2053, -0.93%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">73.95, 3.21%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.80, -2.30%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">266, 0.79%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2110, 0.76%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.0942, -0.85%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">144.66, 2.55%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15509, -2.45%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">108.66, -1.81%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">93.88, -0.90%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4.05%, 4.79%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">986, -9%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.35, 7.23%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">133<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4713, Below<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4540, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4369, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21398, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20378, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19249,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">25.95<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">23.15<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">12.63, -12.91%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">83.14, -0.06%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">6<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">14<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">12<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P 500 fell and the Nifty was unchanged last week. Indicators are bearish
for the week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
correcting from resistance. Watch those stops.<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">US </span></b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– CPI, PPI, <b>UK</b> – GDP</span><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
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</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg14_jnbWKC9Mk3IcAien3BlaS1hDPCu9oIGTHvmc5ia5kQzenfWPORMksVVJ0Orz7aWp_gvGv96fD7qKq4v635yk9N8XCUJq9wl2uqkWkRPeCARRNu48HH-WSE9xrPgteyABtATp-hz3Qt_x5btlJMlNkkGw6wSj2Sg1V2GJ3Presefu8zr8fYDDRDKAqR/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="257" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg14_jnbWKC9Mk3IcAien3BlaS1hDPCu9oIGTHvmc5ia5kQzenfWPORMksVVJ0Orz7aWp_gvGv96fD7qKq4v635yk9N8XCUJq9wl2uqkWkRPeCARRNu48HH-WSE9xrPgteyABtATp-hz3Qt_x5btlJMlNkkGw6wSj2Sg1V2GJ3Presefu8zr8fYDDRDKAqR/w542-h257/NIFTY_2023-01-02_20-20-46.png" width="542" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 fell and the Nifty was unchanged </b>last
week. Indicators are <b>bearish </b>for the week. <b>Markets are
at resistance</b>. We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has caught up to the upside. We are <b>way
overbought</b> short-term and will continue pulling back here sharply to
as low as the <b>50 DMA</b>.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets fall. Most emerging markets fell,
as interest rates rose. Transports led the fall. The Baltic dry index rose. The
dollar was up. Commodities rose. Valuations continue to be quite expensive,
market breadth fell, and the sentiment is now exuberant. Fear rose this week,
as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, the recent currency crisis should resume and
push risky assets to new lows across the board. Deflation is in the air despite
the recent inflationary spike and bonds are telegraphing just that. Feels like
a 2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is encountering resistance near its recent highs.
We have bounced from <b>recent lows without capitulation</b>. This
suggests the lows may not be in and the regime has changed from <b>buying
the dip to selling the rip</b>. We may get a <b>final flush down</b> soon.
Risky assets should continue breaking to the downside across the board, as
downward earnings revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 4710 (up) and 4685
(down) on the S&P 500 and 21800 (up) and 21650 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2024/01/stock-market-signals-january-01.html" target="_blank"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;">last week’s
report</span></a></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-73326969658121318472024-01-01T19:00:00.000-08:002024-01-01T19:00:31.216-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning January 01<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4770, 0.32%<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21731, 1.79%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2975, 2.06%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2072, 0.13%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.65pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">71.33, -3.03%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.89, -0.35%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">264, -1.04%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2094, 0.00%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.1037, 0.25%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">141.04, -0.96%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">15899, -1.03%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">110.67, 0.52%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.75, -0.06%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.87%, -0.89%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1079, 17%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">12.45, -4.45%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">138<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Extreme Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4685, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4503, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4354, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21166, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20171, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19142,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">26.35<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">23.17<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">14.50, 5.80%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">83.19, 0.02%<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">8<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">6<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">7<o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P 500 and the Nifty rose last week. Indicators are bullish for the
week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
at resistance. Watch those stops.<o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">US </span></b><span style="font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– Employment data, <b>Eurozone</b> – CPI</span><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
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<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEissYTUTROaTS3XErQyBwzKZswXC1Ydw1nnoq4LayYjbSOaWypj7M5SRzGkpEEHJgoFzfWqjoLbVE5YAc1OGRfd3UoYFh03tJTgGdJ0sW842WoXhIDIyzZDdeknAcuM6iq7X8MbXCLbRSkvFQPqDUhLXBxYZOvv04cwdp8u8jExgIM6byMKHaCS4xxuFU1r/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="268" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEissYTUTROaTS3XErQyBwzKZswXC1Ydw1nnoq4LayYjbSOaWypj7M5SRzGkpEEHJgoFzfWqjoLbVE5YAc1OGRfd3UoYFh03tJTgGdJ0sW842WoXhIDIyzZDdeknAcuM6iq7X8MbXCLbRSkvFQPqDUhLXBxYZOvv04cwdp8u8jExgIM6byMKHaCS4xxuFU1r/w564-h268/NIFTY_2023-01-02_20-20-46.png" width="564" /></a></div><br /><p></p>
<p><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt;">The <b>S&P 500 and the Nifty rose </b>last week.
Indicators are <b>bullish </b>for the week. <b>Markets are at
resistance</b>. We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has caught up to the upside. We are <b>way
overbought</b> short-term and will likely pull back here sharply to as low
as the 50 DMA.</span><span lang="EN-US" style="font-size: 13.5pt;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The past week saw US equity markets up a little. Most emerging
markets were up, as interest rates fell. Transports fell. The Baltic dry index
fell. The dollar was unchanged. Commodities fell. Valuations continue to be
quite expensive, market breadth improved, and the sentiment is now exuberant.
Fear abated this week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">After this rally, the recent currency crisis should resume and
push risky assets to new lows across the board. Deflation is in the air despite
the recent inflationary spike and bonds are telegraphing just that. Feels like
a 2008-style recession trade has begun, with a potential for a decline in risk
assets across the board. The current market is tracking closely the <b>2000
moves down</b> in the S&P 500, implying a panic low right ahead in the
upcoming months <b>(My views do not matter, kindly pay attention to the levels)</b>.
A dollar rebound from major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The S&P 500 is encountering resistance near its recent highs.
We have bounced from <b>recent lows without capitulation</b>. This
suggests the lows may not be in and the regime has changed from <b>buying
the dip to selling the rip</b>. We may get a <b>final flush down</b> soon.
Risky assets should continue breaking to the downside across the board, as
downward earnings revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The Fed has aggressively tightened into a recession. Deflationary
busts often begin after major inflationary scares. The market has rebounded
after correcting significantly, and more is left on the downside. The Dollar,
commodities, and bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The epic correction signal occurred with retail, hedge funds, and
speculators all in, in January 2022, suggesting a major top is in. The moment
of reckoning is here. With extremely high valuations, a crash is on the menu.
Low volatility suggests complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">Global yield curves have inverted significantly</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">The critical levels to watch for the week are 4780 (up) and 4760
(down) on the S&P 500 and 21800 (up) and 21650 (down) on the Nifty</span></b><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto
bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/12/stock-market-signals-december-25.html" target="_blank"><span style="font-family: "Times",serif; font-size: 13.5pt; line-height: 107%;">last week’s
report</span></a></span><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> for a comparison. Love your
thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: Times, serif; font-size: 13.5pt; line-height: 107%;"> </span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14.0pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-55403194657974031042023-12-25T06:36:00.000-08:002023-12-25T07:01:56.305-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning December 25<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"><o:p></o:p></span></p>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4755, 0.75%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">21349, -0.50%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral **<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">China
Shanghai Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2915, -0.94%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 16.65pt; mso-yfti-irow: 4;">
<td style="border-top: none; border: 1pt solid windowtext; height: 16.65pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Gold<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2065, 1.18%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 16.65pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">WTIC Crude<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">73.49, 1.41%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid windowtext; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Copper<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.90, 0.37%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CRB Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">267, 0.57%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid windowtext; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Baltic Dry
Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">2094, -10.82%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Euro<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">1.1015, 0.85%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Yen<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">142.37, -0.17%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dow Transports<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">16064, 0.30%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Corporate
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">110.10, 0.18%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">High Yield
Bonds (ETF)<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">94.84, 0.66%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US 10-year
Bond Yield<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">3.90%, -0.87%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">NYSE
Summation Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">921, 24%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">US Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.03, 3.74%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Skew<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">135<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">CNN Fear
& Greed Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Extreme Greed<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4641, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4468, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA, S
& P 500<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">4336, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20831, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">50 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">20021, Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">200 DMA,
Nifty<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">19060,
Above<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S & P
500 P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">26.27<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: 1pt solid windowtext; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty P/E<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">22.81<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India Vix<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">13.71, 4.42%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish<o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Dollar/Rupee<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">83.17, 0.03%<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Neutral<o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: 1pt solid windowtext; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Overall</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">S
& P 500</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Nifty</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: 1pt solid windowtext; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-line-height-alt: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">11<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">10<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bearish
Indications<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">5<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">7<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Outlook</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Bullish</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: 1pt solid windowtext; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Observation</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">The
S&P 500 rallied and the Nifty fell last week. Indicators are bullish for
the week.<o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Markets are
at resistance. Watch those stops.<o:p></o:p></span></p>
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<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">On
the Horizon</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">*Nifty<o:p></o:p></span></p>
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<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">India’s
Benchmark Stock Market Index<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Raw Data<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Courtesy
Stock charts, investing.com, multpl.com, NSE<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">**Neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">Changes
less than 0.5% are considered neutral<o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWsaGkWKrB1EjPKnwqkgyltUMsUgA0uZqFr7fyEC-q5gmJqO73b5Ht_QjNr33Wt6nJmifxgEhDaLWoLoENM4Cgo5EKbMfe4aI3SySFs07btpPiGhNF3FDYX1FzxCJOJSb76ZeGG65tmz-rDAYgQI7z82MQJfHAuqdNJZWRar10-jpe8EwZTAuRB6p-6IWG/s1561/INDIAVIX_2023-01-02_20-19-40.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="816" data-original-width="1561" height="279" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWsaGkWKrB1EjPKnwqkgyltUMsUgA0uZqFr7fyEC-q5gmJqO73b5Ht_QjNr33Wt6nJmifxgEhDaLWoLoENM4Cgo5EKbMfe4aI3SySFs07btpPiGhNF3FDYX1FzxCJOJSb76ZeGG65tmz-rDAYgQI7z82MQJfHAuqdNJZWRar10-jpe8EwZTAuRB6p-6IWG/w535-h279/INDIAVIX_2023-01-02_20-19-40.png" width="535" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><p style="text-align: left;"><span style="font-family: times; font-size: medium;">The <b>S&P 500 rallied and
the Nifty fell </b>last week. Indicators are <b>bullish </b>for the
week. <b>Markets are at resistance, as we enter bullish seasonality</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has caught up to the upside. We are <b>way overbought</b>
short-term and will likely pull back here sharply.</span></p><span style="font-family: times; font-size: medium;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span style="font-family: times; font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">The past week saw US equity
markets rally. Most emerging markets were unchanged, as interest rates fell.
Transports were unchanged. The Baltic dry index fell. The dollar fell.
Commodities rose. Valuations continue to be quite expensive, market breadth improved,
and the sentiment is now exuberant. Fear abated this week, as a possible
reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: times; font-size: medium; line-height: 107%;">After this rally, the recent
currency crisis should resume and push risky assets to new lows across the
board. Deflation is in the air despite the recent inflationary spike and bonds
are telegraphing just that. Feels like a 2008-style recession trade has begun,
with a potential for a decline in risk assets across the board. The current
market is tracking closely the <b>2000 moves down</b> in the S&P
500, implying a panic low right ahead in the upcoming months (My views do not
matter, kindly pay attention to the levels). A dollar rebound from major
support is a likely catalyst.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: times; font-size: medium; line-height: 107%;">The S&P 500 is encountering
resistance near its recent highs. We have bounced from <b>recent lows
without capitulation</b>. This suggests the lows may not be in and the regime
has changed from <b>buying the dip to selling the rip</b>. We may get
a <b>final flush down</b> soon. Risky assets should continue breaking
to the downside across the board, as downward earnings revisions are underway.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: times; font-size: medium; line-height: 107%;">The Fed has aggressively tightened
into a recession. Deflationary busts often begin after major inflationary
scares. The market has rebounded after correcting significantly, and more is
left on the downside. The Dollar, commodities, and bond yields are continuing
to flash major warning signs.<o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: times; font-size: medium; line-height: 107%;">The epic correction signal
occurred with retail, hedge funds, and speculators all in, in January 2022,
suggesting a major top is in. The moment of reckoning is here. With extremely
high valuations, a crash is on the menu. Low volatility suggests complacency
and downside ahead.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family: times; font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Global yield curves have inverted
significantly</span></b><span lang="EN-US" style="line-height: 107%;"> reflecting
a major upcoming <b>recession</b>. <b>The recent steepening of the
yield curve, within an inverted context, with rates falling, is a precursor to
the next recession, and the riskiest assets will underperform going forward
under such conditions. </b><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-family: times; font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">The critical levels to watch for
the week are 4765 (up) and 4745 (down) on the S&P 500 and 21450 (up) and 21250
(down) on the Nifty</span></b><span lang="EN-US" style="line-height: 107%;">. A significant breach of the above levels could trigger the next
big move in the above markets. High beta / P/E will get torched yet again
and will likely prove to be a sell on every rise. <b>Gold is increasingly
looking like the asset class to own over the next decade. (Gold exploded almost
8 times higher over the decade following the dot-com bust in 2000, just imagine
what would happen when this AI bubble bursts? following the recent crypto bubble
burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/12/stock-market-signals-december-18.html" target="_blank"><span style="line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;">last week’s report</span></a></span><span lang="EN-US" style="line-height: 107%;"> for a comparison. Love your
thoughts and feedback.<o:p></o:p></span></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-family: times; font-size: medium; line-height: 107%; mso-bidi-font-family: Calibri; mso-bidi-theme-font: minor-latin;"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-46214766217442868082023-12-18T05:51:00.000-08:002023-12-18T05:51:42.038-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning December 18<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">4719, 2.49%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">21457, 2.32%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">2943, -0.91%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">2034, 0.96%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">71.79, 1.22%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">3.88, 1.27%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">265, 0.85%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">2348, -5.44%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">1.0894, 1.24%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">142.16, -1.91%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">16016, 5.29%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">110.33, 2.77%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">94.66, 1.99%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">3.92%, -7.73%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">746, 39%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">12.28, -0.57%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">153</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Greed</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">4591, Above</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">4429, Above</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">4317, Above</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">20441, Above</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">19845, Above</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">18963, Above</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">26.07</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">22.92</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">13.13, 5.27%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">83.06, -0.44%</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"><span style="font-size: medium;"> <o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"><span style="font-size: medium;"> <o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"><span style="font-size: medium;"> <o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"><span style="font-size: medium;"> <o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"><span style="font-size: medium;"> <o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"><span style="font-size: medium;"> <o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US"> </span><span lang="EN-US"><o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">15</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">15</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">5</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">7</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;"> </span></b><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Observation</span></b><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">The S&P 500 and the Nifty rallied last week. Indicators are bullish
for the week.</span><span lang="EN-US"><o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">Markets are at resistance. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span style="font-family: "Times New Roman", serif; line-height: 107%;">US </span></b><span style="font-family: "Times New Roman", serif; line-height: 107%;">– GDP, <b>Eurozone</b> – CPI, <b>UK</b> – GDP, CPI</span><span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US">*Nifty</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US"> </span><span lang="EN-US"><o:p></o:p></span></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US">Raw Data</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US">**Neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><span lang="EN-US">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;"> </span></span></p><div class="separator" style="clear: both; text-align: center;"><span style="font-size: medium;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm7NT3DFZX1PGTKMzNMXyfkiUV3FPkzch1PJG6X6FjvqMWzGNBrPDUNe9109wZravwtpT_kuNFBbrRdPxDPL9qV9gD0-1_IqVXn0ke60QWMPnJgh0VkROne-TtZlhKSKZ4aj-WG2M2dABPSIg4MYHxDWGdisBHPzuL6GT3fycue6dgIgSixHftjIws30uU/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="311" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhm7NT3DFZX1PGTKMzNMXyfkiUV3FPkzch1PJG6X6FjvqMWzGNBrPDUNe9109wZravwtpT_kuNFBbrRdPxDPL9qV9gD0-1_IqVXn0ke60QWMPnJgh0VkROne-TtZlhKSKZ4aj-WG2M2dABPSIg4MYHxDWGdisBHPzuL6GT3fycue6dgIgSixHftjIws30uU/w532-h311/NIFTY_2023-01-02_20-20-46.png" width="532" /></a></span></div><span style="font-size: medium;"><br /><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span><p></p>
<p class="MsoNormal"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">The <b>S&P
500 and the Nifty rallied </b>last week. Indicators are <b>bullish </b>for
the week. <b>Markets are at resistance, as we enter bullish seasonality</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has caught up to the upside. We are <b>way overbought</b>
short-term and will likely pull back here.</span><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">The past week
saw US equity markets rally. Most emerging markets rose, as interest rates fell.
Transports led up. The Baltic dry fell. The dollar fell. Commodities rose.
Valuations continue to be quite expensive, market breadth improved, and the
sentiment is now exuberant. Fear abated this week, as a possible reality check
from a FED Pivot looms.</span></b><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">After this
rally, the recent currency crisis should resume and push risky assets to new
lows across the board. Deflation is in the air despite the recent inflationary
spike and bonds are telegraphing just that. Feels like a 2008-style recession
trade has begun, with a potential for a decline in risk assets across the
board. The current market is tracking closely the <b>2000 moves down</b> in
the S&P 500, implying a panic low right ahead in the upcoming months (My
views do not matter, kindly pay attention to the levels). A dollar rebound from
major support is a likely catalyst.</span><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have bounced from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size: medium;"><span lang="EN-US" style="line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b></span><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">The critical
levels to watch for the week are 4730 (up) and 4705 (down) on the S&P 500
and 21550 (up) and 21350 (down) on the Nifty</span></b><span lang="EN-US" style="line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets.
High beta / P/E will get torched yet again and will likely prove to be a sell
on every rise. <b>Gold is increasingly looking like the asset class to own
over the next decade. (Gold exploded almost 8 times higher over the decade
following the dot-com bust in 2000, just imagine what would happen when this AI
bubble bursts? following the recent crypto bubble burst)</b> You can check
out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/12/stock-market-signals-december-11.html" target="_blank"><span style="line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="line-height: 107%;"> for a
comparison. Love your thoughts and feedback.</span><span lang="EN-US" style="line-height: 107%;"><o:p></o:p></span></span></p>
<p class="MsoNormal"><span lang="EN-US"><span style="font-size: medium;"> </span></span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-86798004609669248722023-12-11T05:46:00.000-08:002023-12-11T05:47:42.576-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning December 11<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: medium;"><b><span lang="EN-US" style="line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: medium; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4604, 0.21%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">20969, 3.46%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">2970, -2.05%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">2021, -2.42%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">71.26, -3.79%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid windowtext; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">3.83, -2.48%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">263, -2.94%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid windowtext; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">2483, -22.21%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">1.0764, -1.08%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">144.95, -1.27%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">15211, -1.63%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">107.35, 0.17%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">92.80, -0.15%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4.23%, 0.48%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">535, 62%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">12.35, -2.22%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">134</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Greed</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4537, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4387, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4300, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">20053, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">19697, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">18884, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">25.44</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: 1pt solid windowtext; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">22.41</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">12.47, 0.71%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">83.44, 0.22%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: 1pt solid windowtext; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: 1pt solid windowtext; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> </span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">5</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">5</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">11</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">12</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> </span></b><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: 1pt solid windowtext; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Observation</span></b><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P 500 was unchanged and the Nifty rallied last week.
Indicators are bearish for the week.</span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Markets are at resistance. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">US </span></b><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">– CPI, PPI, FOMC rate decision, <b>Eurozone</b> – ECB rate decision, <b>UK</b>
– GDP, BOE rate decision</span><span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">*Nifty</span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
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<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
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<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">Raw Data</span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">**Neutral</span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
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<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikk31r_dBOxOtKn1wxLku06_PmTgVTLNK2BdahPT7n8m2GxW7wb7zlYhNHUicrqGgLVMggO1VbPvCPF7vP53v66jQj6Ts-6zSDBxNaZ0cGW4noFmcegFlRORGtc4H8Gjm3RISpXQ_7aTpRIjFJkd5Ad1sBl7taW4WKqXI_eHvFN0gZ_vSeJa5dVHqcKMKY/s1562/NIFTY_2023-01-02_20-20-46.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="272" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEikk31r_dBOxOtKn1wxLku06_PmTgVTLNK2BdahPT7n8m2GxW7wb7zlYhNHUicrqGgLVMggO1VbPvCPF7vP53v66jQj6Ts-6zSDBxNaZ0cGW4noFmcegFlRORGtc4H8Gjm3RISpXQ_7aTpRIjFJkd5Ad1sBl7taW4WKqXI_eHvFN0gZ_vSeJa5dVHqcKMKY/w573-h272/NIFTY_2023-01-02_20-20-46.png" width="573" /></a></div><br /><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The <b>S&P
500 was unchanged and the Nifty rallied </b>last week. Indicators
are <b>bearish </b>for the week. <b>Markets are at resistance, as we
enter bullish seasonality</b>. We are transitioning from an inflationary regime
to a <b>deflationary collapse</b>. The Nifty has caught up to the upside.
We are <b>way overbought</b> short-term and will likely pull back here.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The past week
saw US equity markets unchanged. Most emerging markets fell, as interest rates were
little changed. Transports fell. The Baltic dry fell. The dollar rose.
Commodities were down. Valuations continue to be quite expensive, market
breadth improved, and the sentiment is now exuberant. Fear abated this week, as
a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">After this
rally, the recent currency crisis should resume and push risky assets to new
lows across the board. Deflation is in the air despite the recent inflationary
spike and bonds are telegraphing just that. Feels like a 2008-style recession
trade has begun, with a potential for a decline in risk assets across the
board. The current market is tracking closely the <b>2000 moves down</b> in
the S&P 500, implying a panic low right ahead in the upcoming months (My
views do not matter, kindly pay attention to the levels). A dollar rebound from
major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have bounced from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The critical
levels to watch for the week are 4615 (up) and 4590 (down) on the S&P 500
and 21050 (up) and 20900 (down) on the Nifty</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets.
High beta / P/E will get torched yet again and will likely prove to be a sell
on every rise. <b>Gold is increasingly looking like the asset class to own
over the next decade. (Gold exploded almost 8 times higher over the decade
following the dot-com bust in 2000, just imagine what would happen when this AI
bubble bursts? following the recent crypto bubble burst)</b> You can check
out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/12/stock-market-signals-december-04.html" target="_blank"><span style="font-size: 16pt; line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> for a
comparison. Love your thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-19787305384641597802023-12-04T05:42:00.000-08:002023-12-07T03:22:28.483-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning December 04<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4595, 0.77%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">20268, 2.39%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">3032, -0.31%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">2092, 4.47%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">74.38, -1.54%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid windowtext; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">3.92, 2.59%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">271, -0.45%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid windowtext; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">3192, 51.86%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">1.0883, -0.51%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">146.80, -1.77%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">15464, 2.45%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">107.15, 2.32%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">92.93, 1.15%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4.21%, -5.89%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">331, 483%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">12.63, 1.36%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">145</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Greed</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4485, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4360, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4286, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">19667, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">19593, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">18808, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">25.38</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: 1pt solid windowtext; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">21.66</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">12.38, 9.29%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">83.18, -0.19%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: 1pt solid windowtext; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: 1pt solid windowtext; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> </span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">12</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">12</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">7</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">8</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> </span></b><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: 1pt solid windowtext; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Observation</span></b><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P 500 and the Nifty rallied last week. Indicators are bullish
for the week.</span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Markets are at resistance. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone</span></b><span style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> – German CPI, <b>US </b>– Employment data, <b>Japan</b> - GDP, <b>India</b> - RBI rate decision</span><span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">*Nifty</span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">Raw Data</span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">**Neutral</span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 4cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjB4s_5OAC1xUwgKXkJ4GCTP30Ezc_DDEMTpRJuFxWBL6rkP_lV0lztbben9M9-yKwfmHEK4V9xZ3NdawVzjEAMJNIR-D48OAZ5gyk_RWZi-CHXAb6ZojfVcNRuME7ccUwctnZVJxJlaALQaiYYgJsdYba13RfCbn_QlLObFKTpnoLVvlMo5LNfh5P8wytY/s1562/NIFTY_2023-01-02_20-20-46.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="304" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjB4s_5OAC1xUwgKXkJ4GCTP30Ezc_DDEMTpRJuFxWBL6rkP_lV0lztbben9M9-yKwfmHEK4V9xZ3NdawVzjEAMJNIR-D48OAZ5gyk_RWZi-CHXAb6ZojfVcNRuME7ccUwctnZVJxJlaALQaiYYgJsdYba13RfCbn_QlLObFKTpnoLVvlMo5LNfh5P8wytY/w522-h304/NIFTY_2023-01-02_20-20-46.png" width="522" /></a></div><br /><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The <b>S&P
500 and the Nifty rallied </b>last week. Indicators are <b>bullish </b>for
the week. <b>Markets are at resistance, as we enter bullish seasonality</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has caught up to the upside. We are <b>way overbought</b>
short-term and will likely pull back here.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The past week
saw US equity markets rise. Most emerging markets rose, as interest rates fell.
Transports led the move up. The Baltic dry index rose significantly. The dollar
rose. Commodities except oil were mostly up. Valuations continue to be quite
expensive, market breadth improved, and the sentiment is now exuberant. Fear abated
this week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">After this
rally, the recent currency crisis should resume and push risky assets to new
lows across the board. Deflation is in the air despite the recent inflationary
spike and bonds are telegraphing just that. Feels like a 2008-style recession
trade has begun, with a potential for a decline in risk assets across the
board. The current market is tracking closely the <b>2000 moves down</b> in
the S&P 500, implying a panic low right ahead in the upcoming months (My
views do not matter, kindly pay attention to the levels). A dollar rebound from
major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have got bounces
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The critical
levels to watch for the week are 4605 (up) and 4580 (down) on the S&P 500
and 20350 (up) and 20200 (down) on the Nifty</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets.
High beta / P/E will get torched yet again and will likely prove to be a sell
on every rise. <b>Gold is increasingly looking like the asset class to own
over the next decade. (Gold exploded almost 8 times higher over the decade
following the dot-com bust in 2000, just imagine what would happen when this AI
bubble bursts? following the recent crypto bubble burst)</b> You can check
out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/11/stock-market-signals-november-27.html" target="_blank"><span style="font-size: 16pt; line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> for a
comparison. Love your thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-60717560128914846662023-11-27T05:59:00.000-08:002023-11-27T05:59:06.145-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning November 27<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4559, 1.00%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19795, 0.32%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3041, -0.44%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">2004, 0.96%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">75.17, -0.95%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3.83, 2.62%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">272, -0.60%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">2102, 15.49%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1.0941, 0.31%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">149.45, -0.11%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">15094, 1.08%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">104.73, 0.33%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">91.86, 0.36%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4.47%, 0.25%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">57, 135%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">12.46, -9.71%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">145</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Greed</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4396, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4345, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4275, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19460, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19592, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">18761, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">25.19</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">21.15</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">11.33, -4.21%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">83.31, 0.08%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> </span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">10</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">10</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">5</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">5</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
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<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Observation</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">The S&P 500 rallied and the Nifty was unchanged last week.
Indicators are bullish for the week.</span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Markets are at resistance. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone</span></b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> – CPI, <b>US </b>– GDP</span><span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
</td>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">*Nifty</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Raw Data</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">**Neutral</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ_UPO6R7jIbiKMqx92YSMZOWfZejckFacJ0xDB8VcsWrnK-6TNOtYpkS5oCrWXA0-HOoix_UU9uka_4G3xeI9iWWEbvreRWBWEro67T1jhtCJ_isJAQP4_1hyphenhyphenvtX4YJ0WHkn5nH1cHS8BeKyFsM0H3yyopkd7uRIn_T_4bGKvv-5PCMvHN1CfymSc0ZPq/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiZ_UPO6R7jIbiKMqx92YSMZOWfZejckFacJ0xDB8VcsWrnK-6TNOtYpkS5oCrWXA0-HOoix_UU9uka_4G3xeI9iWWEbvreRWBWEro67T1jhtCJ_isJAQP4_1hyphenhyphenvtX4YJ0WHkn5nH1cHS8BeKyFsM0H3yyopkd7uRIn_T_4bGKvv-5PCMvHN1CfymSc0ZPq/w488-h265/NIFTY_2023-01-02_20-20-46.png" width="488" /></a></div><br /><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The <b>S&P
500 rallied and the Nifty was unchanged </b>last week. Indicators
are <b>bullish </b>for the week. <b>Markets are at resistance, as we
enter bullish seasonality</b>. We are transitioning from an inflationary regime
to a <b>deflationary collapse</b>. The Nifty has caught up to the upside.
We are a bit overbought short-term and will likely pull back here.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The past week
saw US equity markets rise. Most emerging markets rose, as interest rates were
unchanged. Transports led the move up. The Baltic dry index rose. The dollar was
unchanged. Commodities except oil were mostly up. Valuations continue to be
quite expensive, market breadth has rebounded, and the sentiment is now
exuberant. Fear abated this week, as a possible reality check from a FED Pivot
looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">After this
rally, the recent currency crisis should resume and push risky assets to new
lows across the board. Deflation is in the air despite the recent inflationary
spike and bonds are telegraphing just that. Feels like a 2008-style recession
trade has begun, with a potential for a decline in risk assets across the
board. The current market is tracking closely the <b>2000 moves down</b> in
the S&P 500, implying a panic low right ahead in the upcoming months (My
views do not matter, kindly pay attention to the levels). A dollar rebound from
major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have got bounces
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The critical
levels to watch for the week are 4570 (up) and 4545 (down) on the S&P 500
and 19850 (up) and 19700 (down) on the Nifty</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets.
High beta / P/E will get torched yet again and will likely prove to be a sell
on every rise. <b>Gold is increasingly looking like the asset class to own
over the next decade. (Gold exploded almost 8 times higher over the decade
following the dot-com bust in 2000, just imagine what would happen when this AI
bubble bursts? following the recent crypto bubble burst)</b> You can check
out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/11/stock-market-signals-november-20.html" target="_blank"><span style="font-size: 16.0pt; line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> for a
comparison. Love your thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-81244585025626514532023-11-20T04:06:00.000-08:002023-11-20T04:06:56.344-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning November 20<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4514, 2.24%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19732,1.58%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3054, 0.51%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1984, 2.36%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">75.86, -1.70%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3.73, 4.10%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">274, 0.10%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1820, 9.97%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1.0916, 2.20%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">149.59, -1.26%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">14932, 3.51%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">104.39, 2.17%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">91.53, 0.90%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4.44%, -4.45%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">-162, 63%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">13.80, -2.61%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">147</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Greed</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4325, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4339, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4266, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19337, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19589, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">18709, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">24.94</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">21.10</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">11.83, 6.48%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">83.29, -0.02%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> </span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">15</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">15</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">5</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">6</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Observation</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">The S&P 500 and the Nifty rallied last week. Indicators are bullish
for the week.</span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Markets have bottomed. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone</span></b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> –German GDP, <b>China </b>– PBOC rate decision</span><span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">*Nifty</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Raw Data</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">**Neutral</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiBIbels0CPjIZ1ryh4TdPtIUB9osDWSR9Fc0DlxyFu4aPNNQ6trAZYkZ_c18_InuzpN5u7cSPTGcmg7Oh9FHbtlUkXcgna3bBdtmgz0-re5nuGz5hbE-JzEz1-fbVeNch9doMqI8RGGLcztDotagZfrUY_ztrdoNAn2pOUEusF4-gDksd0Cya1qdn1dNO/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiBIbels0CPjIZ1ryh4TdPtIUB9osDWSR9Fc0DlxyFu4aPNNQ6trAZYkZ_c18_InuzpN5u7cSPTGcmg7Oh9FHbtlUkXcgna3bBdtmgz0-re5nuGz5hbE-JzEz1-fbVeNch9doMqI8RGGLcztDotagZfrUY_ztrdoNAn2pOUEusF4-gDksd0Cya1qdn1dNO/w594-h282/NIFTY_2023-01-02_20-20-46.png" width="594" /></a></div><br /><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The <b>S&P
500 and the Nifty rallied </b>last week. Indicators are <b>bullish </b>for
the week. <b>Markets have bottomed, as we enter bullish seasonality</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty has caught up to the upside. We are a bit overbought
short-term and will likely pull back here.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The past week
saw US equity markets rise. Most emerging markets rose, as interest rates fell.
Transports led the move up. The Baltic dry index rose. The dollar fell.
Commodities except oil were mostly up. Valuations continue to be quite
expensive, market breadth has rebounded, and the sentiment is now exuberant.
Fear abated this week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">After this
rally, the recent currency crisis should resume and push risky assets to new
lows across the board. Deflation is in the air despite the recent inflationary
spike and bonds are telegraphing just that. Feels like a 2008-style recession
trade has begun, with a potential for a decline in risk assets across the
board. The current market is tracking closely the <b>2000 moves down</b> in
the S&P 500, implying a panic low right ahead in the upcoming months (My
views do not matter, kindly pay attention to the levels). A dollar rebound from
major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have got bounces
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The critical
levels to watch for the week are 4525 (up) and 4500 (down) on the S&P 500
and 19800 (up) and 19650 (down) on the Nifty</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets.
High beta / P/E will get torched yet again and will likely prove to be a sell
on every rise. <b>Gold is increasingly looking like the asset class to own
over the next decade. (Gold exploded almost 8 times higher over the decade
following the dot-com bust in 2000, just imagine what would happen when this AI
bubble bursts? following the recent crypto bubble burst)</b> You can check
out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/11/stock-market-signals-november-13.html" target="_blank"><span style="font-size: 16.0pt; line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> for a
comparison. Love your thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-38575624981430231372023-11-12T22:57:00.000-08:002023-11-12T22:57:26.350-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning November 13<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4415, 1.31%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19526, 1.53%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3039, 0.27%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1943, -2.83%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">77.35, -3.92%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3.60, -2.31%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">273, -2.98%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1643, 12.38%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1.0686, -0.40%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">151.52, 1.44%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">14427, -0.59%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">102.17, 0.26%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">90.71, -0.58%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4.65%, 1.52%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">-436, 31%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">14.17, -4.96%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">140</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Fear</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4282, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4338, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4257, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19355, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19568, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">18678, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">24.39</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">21.00</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">11.35, 4.27%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">83.33, 0.22%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> </span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">9</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">8</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">9</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">11</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
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<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Observation</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">The S&P 500 and the Nifty rose last week. Indicators are mixed for
the week.</span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Markets have put in a short-term bottom and will consolidate at these
levels. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
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<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">US – </span></b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">CPI, PPI,<b> Eurozone</b> – CPI, <b>UK </b>– CPI, <b>Japan </b>– GDP</span><span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">*Nifty</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Raw Data</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">**Neutral</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsAjc_UoVlFQoeOLGD6-un2TUrLCphxIUuPa4gzsZOvHh3rJgCNVnhv1nVKGn1X71qPl4XgobuRm3gXEjB4CS64nd9pkEMqWVusFIXZnZ9Q1VLQkYL2DqPGw9ZJemqTNy0WeJ1nzmof2g2l6VqvTPVLeHXdHs2M-3nFIfA6jEjpTfiAdbpirci9jED3Ld0/s1561/INDIAVIX_2023-01-02_20-19-40.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="816" data-original-width="1561" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhsAjc_UoVlFQoeOLGD6-un2TUrLCphxIUuPa4gzsZOvHh3rJgCNVnhv1nVKGn1X71qPl4XgobuRm3gXEjB4CS64nd9pkEMqWVusFIXZnZ9Q1VLQkYL2DqPGw9ZJemqTNy0WeJ1nzmof2g2l6VqvTPVLeHXdHs2M-3nFIfA6jEjpTfiAdbpirci9jED3Ld0/w510-h266/INDIAVIX_2023-01-02_20-19-40.png" width="510" /></a></div><br /><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The <b>S&P
500 and the Nifty rose </b>last week. Indicators are <b>mixed </b>for
the week. <b>Markets have bottomed in the short-term and are approaching
important resistance levels, as we enter bullish seasonality</b>. We are
transitioning from an inflationary regime to a <b>deflationary collapse</b>.
The Nifty is also bottoming and will likely play catch-up this week.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The past week
saw US equity markets rise. Most emerging markets were unchanged, as interest
rates rose. Transports fell. The Baltic dry index rose. The dollar rose
slightly. Commodities fell. Valuations continue to be quite expensive, market
breadth rebounded, and the sentiment is still bearish. Fear abated this week,
as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">After this
rally, the recent currency crisis should resume and push risky assets to new
lows across the board. Deflation is in the air despite the recent inflationary
spike and bonds are telegraphing just that. Feels like a 2008-style recession
trade has begun, with a potential for a decline in risk assets across the
board. The current market is tracking closely the <b>2000 moves down</b> in
the S&P 500, implying a panic low right ahead in the upcoming months (My
views do not matter, kindly pay attention to the levels). A dollar rebound from
major support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have got bounces
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The critical
levels to watch for the week are 4430 (up) and 4400 (down) on the S&P 500
and 19600 (up) and 19450 (down) on the Nifty</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets. After
a rebound, high beta / P/E will get torched yet again and will likely prove to
be a sell on every rise. <b>Gold is increasingly looking like the asset
class to own over the next decade. (Gold exploded almost 8 times higher over
the decade following the dot-com bust in 2000, just imagine what would happen
when this AI bubble bursts? following the recent crypto bubble burst)</b> You
can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/11/stock-market-signals-november-06.html" target="_blank"><span style="font-size: 16.0pt; line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> for a
comparison. Love your thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-12013492933788675832023-11-06T03:06:00.002-08:002023-11-06T03:06:45.476-08:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning November 06<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 0in 0in 0in; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Asset
Class</span></b><o:p></o:p></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Weekly
Level / Change</span></b><o:p></o:p></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Implication
for S & P 500</span></b><o:p></o:p></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Implication for Nifty*</span></b><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">S
& P 500</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">4358,
5.85%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Nifty</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">19231,
0.96%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral
**</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">China
Shanghai Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">3031,
0.43%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Gold</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">1999,
0.04%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">WTIC Crude</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">80.51,
-5.88%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Copper</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">3.68,
0.97%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">CRB
Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">282, -1.17%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Baltic
Dry Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">1462,
-6.46%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Euro</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">1.0721,
1.49%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Dollar/Yen</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">149.37,
-0.15%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Dow
Transports</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">14503,
7.06%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Corporate
Bonds (ETF)</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">101.91,
2.69%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">High
Yield Bonds (ETF)</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">91.24,
3.55%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">US
10-year Bond Yield</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">4.56%,
-5.92%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">NYSE
Summation Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">-627,
23%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">US
Vix</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">14.91,
-29.90%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Skew</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">140</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">CNN
Fear & Greed Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Fear</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">20
DMA, S & P 500</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">4275,
Above</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">50
DMA, S & P 500</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">4348,
Above</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">200
DMA, S & P 500</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">4248,
Above</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">20
DMA, Nifty</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">19408,
Below</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">50
DMA, Nifty</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">19559,
Below</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">200
DMA, Nifty</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">18649,
Above</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">S
& P 500 P/E</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">24.08</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Nifty
P/E</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">20.90</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">India
Vix</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">10.88,
-0.21%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Dollar/Rupee</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">83.14,
-0.15%</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Overall</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">S
& P 500</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Nifty</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <span style="font-size: 12.0pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bullish
Indications</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">13</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">11</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Bearish
Indications</span><span style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">4</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">6</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;"> </span></b><span style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Outlook</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Bullish</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">Observation</span></b><span style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;"> </span><o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">The
S&P 500 and the Nifty rallied last week. Indicators are bullish for the
week.</span><o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16.0pt; line-height: 107%;">Markets
have bottomed. Watch those stops.</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16.0pt; line-height: 107%;">On
the Horizon</span></b><span style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-IN" style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone</span></b><span lang="EN-IN" style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> –German CPI, <b>UK </b>– GDP</span><span style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10.0pt;">*Nifty</span><span style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10.0pt;"> </span><o:p></o:p></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10.0pt;">India’s
Benchmark Stock Market Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10.0pt;">Raw
Data</span><span style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10.0pt;">Courtesy
Stock charts, investing.com, multpl.com, NSE</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt 0in 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10.0pt;">**Neutral</span><span style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 113.4pt;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10.0pt;">Changes
less than 0.5% are considered neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0in 5.4pt 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjd9njx-M9DY5l2MCEXkLmQeoKCkBZmo7oo47cKwzMMA7fpI4j3VwR7q9hwNJr4f8Kag0op3NGkyZCG3XMZr-lyl_5MUIDrOBiaac5ZIyWk91oMmqREVIK3i9pMKGs_KFYzktMha4mLXazoQdO6Pj3x3mLwFc3d2Dv7NKomi3q5chVTql3HCooMvpVn4c3B/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="249" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjd9njx-M9DY5l2MCEXkLmQeoKCkBZmo7oo47cKwzMMA7fpI4j3VwR7q9hwNJr4f8Kag0op3NGkyZCG3XMZr-lyl_5MUIDrOBiaac5ZIyWk91oMmqREVIK3i9pMKGs_KFYzktMha4mLXazoQdO6Pj3x3mLwFc3d2Dv7NKomi3q5chVTql3HCooMvpVn4c3B/w524-h249/NIFTY_2023-01-02_20-20-46.png" width="524" /></a></div><br /><span style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">The <b>S&P 500
and the Nifty rallied </b>last week. Indicators are <b>bullish </b>for
the week. <b>Markets have bottomed, as we enter bullish seasonality</b>.
The Nifty will likely catch up to the upside soon. </span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span><span style="font-size: 21.3333px;">We are transitioning from an inflationary regime to a </span><b style="font-size: 21.3333px;">deflationary collapse</b><span style="font-size: 21.3333px;">.</span></p>
<p class="MsoNormal"><b><span style="font-size: 16pt; line-height: 107%;">The past week saw a big
risk-on move, in which US equity markets rallied hard. Most emerging markets rose,
as interest rates fell. Transports led the move up. The Baltic dry index fell.
The dollar fell. Commodities fell. Valuations continue to be quite expensive,
market breadth rebounded, and the sentiment is still bearish. Fear abated quite
a bit this week, as a possible reality check from a FED Pivot looms.</span></b><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">After this rally, the
recent currency crisis should resume and push risky assets to new lows across
the board. Deflation is in the air despite the recent inflationary spike and
bonds are telegraphing just that. Feels like a 2008-style recession trade has
begun, with a potential for a decline in risk assets across the board. The
current market is tracking closely the <b>2000 moves down</b> in the
S&P 500, implying a panic low right ahead in the upcoming months (My views
do not matter, kindly pay attention to the levels). A dollar rebound from major
support is a likely catalyst.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">The S&P 500 is
encountering resistance near its recent highs. We have got bounces from <b>recent
lows without capitulation</b>. This suggests the lows may not be in and the
regime has changed from <b>buying the dip to selling the rip</b>. We may
get a <b>final flush down</b> soon. Risky assets should continue
breaking to the downside across the board, as downward earnings revisions are
underway.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">The Fed has aggressively
tightened into a recession. Deflationary busts often begin after major
inflationary scares. The market has rebounded after correcting significantly,
and more is left on the downside. The Dollar, commodities, and bond yields continue to flash major warning signs.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">The epic correction
signal occurred with retail, hedge funds, and speculators all in, in January
2022, suggesting a major top is in. The moment of reckoning is here. With
extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size: 16pt; line-height: 107%;">Global yield curves have
inverted significantly</span></b><span style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size: 16pt; line-height: 107%;">The critical levels to
watch for the week are 4370 (up) and 4345 (down) on the S&P 500 and 19300
(up) and 19150 (down) on the Nifty</span></b><span style="font-size: 16pt; line-height: 107%;">. A significant breach of the above levels could
trigger the next big move in the above markets. High beta / P/E will get
torched again and will likely prove to be a sell on every rise. <b>Gold
is increasingly looking like the asset class to own over the next decade. (Gold
exploded almost 8 times higher over the decade following the dot-com bust in
2000, just imagine what would happen when this AI bubble bursts? following the
recent crypto bubble burst)</b> You can check out </span><a href="https://rajveersmarketviews.blogspot.com/2023/10/stock-market-signals-october-30.html" target="_blank"><span style="font-size: 16.0pt; line-height: 107%;">last week’s report</span></a><span style="font-size: 16pt; line-height: 107%;"> for a comparison.
Love your thoughts and feedback.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-6103162121460614702023-10-30T04:54:00.002-07:002023-11-02T10:13:16.285-07:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning October 30<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0in 0in 0in 0in; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Asset
Class</span></b><o:p></o:p></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Weekly
Level / Change</span></b><o:p></o:p></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Implication
for S & P 500</span></b><o:p></o:p></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Implication for Nifty*</span></b><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">S
& P 500</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">4117,
-2.53%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Nifty</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">19047,
-2.53%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral
**</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">China
Shanghai Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">3018,
1.16%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Gold</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">2016,
1.10%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">WTIC Crude</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">85.16,
-4.05%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid windowtext; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Copper</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">3.64,
2.25%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">CRB
Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">285, -0.32%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid windowtext; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Baltic
Dry Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">1563,
-23.61%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Euro</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">1.0566,
-0.25%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Dollar/Yen</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">149.65,
-0.13%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Dow
Transports</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">13556,
-6.19%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Corporate
Bonds (ETF)</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">99.61,
0.95%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">High
Yield Bonds (ETF)</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">88.61,
0.58%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">US
10-year Bond Yield</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">4.85%,
-1.40%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">NYSE
Summation Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">-817,
-33%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">US
Vix</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">21.27,
-2.03%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Skew</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">133</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">CNN
Fear & Greed Index</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Extreme
Fear</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">20
DMA, S & P 500</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">4278,
Below</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">50
DMA, S & P 500</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">4362,
Below</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">200
DMA, S & P 500</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">4240,
Below</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">20
DMA, Nifty</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">19529,
Below</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">50
DMA, Nifty</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">19588,
Below</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">200
DMA, Nifty</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">18613,
Above</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">S
& P 500 P/E</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">23.50</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: 1pt solid windowtext; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Nifty
P/E</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">20.84</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">India
Vix</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">10.91,
0.81%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish</span><o:p></o:p></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Dollar/Rupee</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">83.41,
0.32%</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Neutral</span><o:p></o:p></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: 1pt solid windowtext; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Overall</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">S
& P 500</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Nifty</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: 1pt solid windowtext; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"> <span style="font-size: 12pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bullish
Indications</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">8</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">9</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Bearish
Indications</span><span style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">9</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">9</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;"> </span></b><span style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Outlook</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Bearish</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Neutral</span></b><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: 1pt solid windowtext; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">Observation</span></b><span style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;"> </span><o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">The
S&P 500 and the Nifty fell last week. Indicators are mixed for the week.</span><o:p></o:p></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 16pt; line-height: 107%;">Markets
are heading for a bottom soon. Watch those stops.</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0in 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
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<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-size: 16pt; line-height: 107%;">On
the Horizon</span></b><span style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-IN" style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone</span></b><span lang="EN-IN" style="font-family: "Times New Roman",serif; font-size: 14pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> – German GDP, German CPI, CPI, <b>US </b>– FOMC rate decision,
Employment data, <b>UK </b>– BOE rate decision</span><span style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="top" width="151"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
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<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10pt;">*Nifty</span><span style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10pt;"> </span><o:p></o:p></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10pt;">India’s
Benchmark Stock Market Index</span><o:p></o:p></p>
</td>
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<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10pt;">Raw
Data</span><span style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10pt;">Courtesy
Stock charts, investing.com, multpl.com, NSE</span><o:p></o:p></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0in 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10pt;">**Neutral</span><span style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 113.4pt;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span style="font-size: 10pt;">Changes
less than 0.5% are considered neutral</span><o:p></o:p></p>
</td>
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<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0in 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table><p class="MsoNormal"><span style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihc08DEsZ3L-lbD4EIDSzMqNte1VYmRfHym33L8MZJS4ryQNM__hU6KI_qhCRUOfcmmwPr-arrGoddcFzOoh28oqf7J01ZYMRIfFYnEEA_rdsAsfThsM2kM-PuQKfjJoiIoT5rw06J0FOcTg99YeFjybDHvjYkRCleSYQDBwp6_E-9ABpSTOo6TJUMEOBg/s1561/INDIAVIX_2023-01-02_20-19-40.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="816" data-original-width="1561" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihc08DEsZ3L-lbD4EIDSzMqNte1VYmRfHym33L8MZJS4ryQNM__hU6KI_qhCRUOfcmmwPr-arrGoddcFzOoh28oqf7J01ZYMRIfFYnEEA_rdsAsfThsM2kM-PuQKfjJoiIoT5rw06J0FOcTg99YeFjybDHvjYkRCleSYQDBwp6_E-9ABpSTOo6TJUMEOBg/w479-h250/INDIAVIX_2023-01-02_20-19-40.png" width="479" /></a></div><br /><span style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span><p></p><p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">The <b>S&P 500
and the Nifty fell </b>last week. Indicators are <b>mixed </b>for the
week. <b>Markets are heading for a bottom soon, as we enter bullish
seasonality which is being impacted by rising rates</b>. We are transitioning
from an inflationary regime to a <b>deflationary collapse</b>. The Nifty
is correcting from its recent highs.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p><p class="MsoNormal"><b><span style="font-size: 16pt; line-height: 107%;">The past week saw US
equity markets fall. Most emerging markets fell, even as interest rates fell.
Transports led down big. The Baltic dry index fell. The dollar was unchanged.
Commodities were unchanged. Valuations continue to be quite expensive, market
breadth fell, and the sentiment is now bearish. Fear abated this week, as a possible
reality check from a FED Pivot looms.</span></b><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">The recent currency
crisis should resume and push risky assets to new lows across the board.
Deflation is in the air despite the recent inflationary spike and bonds are
telegraphing just that. Feels like a 2008-style recession trade has begun, with
a potential for a decline in risk assets across the board. The current market
is tracking closely the <b>2000 moves down</b> in the S&P 500,
implying a panic low right ahead in the upcoming months (My views do not
matter, kindly pay attention to the levels). A dollar rebound from major
support is a likely catalyst.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">The S&P 500 is
encountering resistance near its recent highs. We have got bounces from <b>recent
lows without capitulation</b>. This suggests the lows may not be in and the
regime has changed from <b>buying the dip to selling the rip</b>. We may
get a <b>final flush down</b> soon. Risky assets should continue
breaking to the downside across the board, as downward earnings revisions are
underway.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">The Fed has aggressively
tightened into a recession. Deflationary busts often begin after major
inflationary scares. The market has rebounded after correcting significantly,
and more is left on the downside. The Dollar, commodities, and bond yields are
continuing to flash major warning signs.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-size: 16pt; line-height: 107%;">The epic correction
signal occurred with retail, hedge funds, and speculators all in, in January
2022, suggesting a major top is in. The moment of reckoning is here. With
extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p><p class="MsoNormal"><b><span style="font-size: 16pt; line-height: 107%;">Global yield curves have
inverted significantly</span></b><span style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p><p class="MsoNormal"><b><span style="font-size: 16pt; line-height: 107%;">The critical levels to
watch for the week are 4130 (up) and 4105 (down) on the S&P 500 and 19150
(up) and 18950 (down) on the Nifty</span></b><span style="font-size: 16pt; line-height: 107%;">. A significant breach of the above levels could
trigger the next big move in the above markets. High beta / P/E will get
torched yet again and will likely prove to be a sell on every rise. <b>Gold
is increasingly looking like the asset class to own over the next decade. (Gold
exploded almost 8 times higher over the decade following the dot-com bust in
2000, just imagine what would happen when this AI bubble bursts? following the
recent crypto bubble bust)</b> You can check out </span><a href="https://rajveersmarketviews.blogspot.com/2023/10/stock-market-signals-october-23.html" target="_blank"><span style="font-size: 16pt; line-height: 107%;">last week’s report</span></a><span style="font-size: 16pt; line-height: 107%;"> for a comparison.
Love your thoughts and feedback.</span><span style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p><p>
</p><p class="MsoNormal"><o:p> </o:p></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-91088433611756175762023-10-23T00:00:00.000-07:002023-10-23T00:00:00.479-07:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning October 23<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4224, -2.39%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19543, -1.06%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">2983, -3.40%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1993, 2.66%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">88.30, 0.70%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3.55, -0.50%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">286, 0.72%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">2046, 5.19%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1.0593, 0.80%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">149.85, 0.20%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">14450, -1.69%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">98.67, -2.67%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">88.10, -1.20%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4.91%, 6.44%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">-615, -6%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">21.71, 12.37%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">137</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Fear</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4307, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4387, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4233, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19650, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19623, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">18594, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">24.11</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">21.70</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">10.82, 1.88%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">83.16, -0.12%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> </span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">6</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">7</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">13</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">12</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Observation</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">The S&P 500 and the Nifty fell last week. Indicators are bearish
for the week.</span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Markets are heading for a panic bottom. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;">Eurozone</span></b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> – ECB rate decision, <b>US </b>– GDP</span><span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">*Nifty</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Raw Data</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">**Neutral</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6BNUzrtOYHNKkKJ1a2YsMi_8iiVELQxwD-CkAKxL3LTTpTsZ-YOb7wSMGJYTimC39TfZoInFQMOOMuOtxOl9hBF2MmznBewLUyXSDXZ-nRxHeRXcnrJKiliaik4urCptnv4OnAp6Xu6dwWvurjg5FGz9bl2VVkgxZ8fK0LhEgoeIGRsGRtFE34X-W2ey-/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="270" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6BNUzrtOYHNKkKJ1a2YsMi_8iiVELQxwD-CkAKxL3LTTpTsZ-YOb7wSMGJYTimC39TfZoInFQMOOMuOtxOl9hBF2MmznBewLUyXSDXZ-nRxHeRXcnrJKiliaik4urCptnv4OnAp6Xu6dwWvurjg5FGz9bl2VVkgxZ8fK0LhEgoeIGRsGRtFE34X-W2ey-/w568-h270/NIFTY_2023-01-02_20-20-46.png" width="568" /></a></div><br /><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The <b>S&P
500 and the Nifty fell </b>last week. Indicators are <b>bearish</b> for
the week. <b>Markets are heading for a panic bottom soon, as we enter
bullish seasonality which is being impacted by rising rates</b>. We are
transitioning from an inflationary regime to a <b>deflationary collapse</b>.
The Nifty is correcting from its recent highs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The past week
saw US equity markets fall. Most emerging markets fell, as interest rates rose
sharply. Transports are still leading down. The Baltic dry index rose. The
dollar fell. Commodities such as oil and gold rose. Valuations continue to be
quite expensive, market breadth fell, and the sentiment is now bearish. Fear rose
this week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The recent
currency crisis should resume and push risky assets to new lows across the
board. Deflation is in the air despite the recent inflationary spike and bonds
are telegraphing just that. Feels like a 2008-style recession trade has begun,
with a potential for a decline in risk assets across the board. The current
market is tracking closely the <b>2000 moves down</b> in the S&P
500, implying a panic low right ahead in the upcoming months (My views do not
matter, kindly pay attention to the levels). A dollar rebound from major
support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have got bounces
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The critical
levels to watch for the week are 4235 (up) and 4210 (down) on the S&P 500
and 19650 (up) and 19450 (down) on the Nifty</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets.
High beta / P/E will get torched yet again and will likely prove to be a sell
on every rise. <b>Gold is increasingly looking like the asset class to own
over the next decade, though the 2000 level could act as short-term resistance.
(Gold exploded almost 8 times higher over the decade following the dotcom bust
in 2000, just imagine what would happen when this AI bubble bursts? following
the recent crypto bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/10/stock-market-signals-october-16.html" target="_blank"><span style="font-size: 16.0pt; line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> for a
comparison. Love your thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-42514896883306991362023-10-16T06:48:00.001-07:002023-10-16T06:48:49.697-07:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning October 16<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4328, 0.45%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19751, 0.50%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3088, -0.72%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1946, 5.46%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">86.35, 4.30%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3.57, -1.59%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">284, 2.55%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1945, 0.83%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1.0510, -0.72%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">149.57, 0.17%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">14699, -0.73%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">101.38, 1.40%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">89.17, 0.15%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4.62%, -2.31%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">-583, 11%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19.32, 10.72%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">144</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Fear</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4326, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4404, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4221, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19734, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19607, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">18554, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">24.71</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">22.33</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">10.62, 3.08%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">83.42, 0.36%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> </span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">10</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">11</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">8</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">8</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
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<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Observation</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">The S&P 500 and the Nifty were unchanged last week. Indicators are
bullish for the week.</span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Markets are putting in a short-term bottom. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="bottom" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%;">UK</span></b><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%;"> –
CPI,</span><b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Eurozone</span></b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> – CPI,
<b>China </b>– GDP</span><span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="bottom" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">*Nifty</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="bottom" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Raw Data</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="bottom" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.35pt;" valign="top" width="195">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">**Neutral</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 4.0cm;" valign="top" width="151">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.3pt;" valign="top" width="135"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.95pt;" valign="top" width="143"></td>
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</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-bjqLrU2mNkg8VPdmCwsO7aPDVVYu7K00VZTY-t3oAcDkdIzFNY9RruZji6Hqw1DgiU_43-ufRrvLXiSBN4jthkPMvKY9Mi_yQgB07jbD6GAr_Vp-soUa4XZNXwTg3Ay3xfYEqHLCup3JB6lz5BOAEnE0iSjkFOMsYXTvBuXDYTaGpzB05ewoVPHYkuN9/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="308" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-bjqLrU2mNkg8VPdmCwsO7aPDVVYu7K00VZTY-t3oAcDkdIzFNY9RruZji6Hqw1DgiU_43-ufRrvLXiSBN4jthkPMvKY9Mi_yQgB07jbD6GAr_Vp-soUa4XZNXwTg3Ay3xfYEqHLCup3JB6lz5BOAEnE0iSjkFOMsYXTvBuXDYTaGpzB05ewoVPHYkuN9/w568-h308/NIFTY_2023-01-02_20-20-46.png" width="568" /></a></div><br /><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The <b>S&P
500 and the Nifty were little changed </b>last week. Indicators are <b>bullish</b> for
the week. <b>Markets are oversold and are likely to find a short-term bottom
soon that will produce a meaningful rally as we enter bullish seasonality</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty is correcting from its recent highs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The past week
saw US equity markets unchanged. Most emerging markets were unchanged, as
interest rates fell. Transports are still leading down. The Baltic dry index
rose. The dollar rose. Commodities rose. Valuations continue to be quite
expensive, market breadth rebounded, and the sentiment is now bearish. Fear rose
this week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The recent
currency crisis should resume and push risky assets to new lows across the
board. Deflation is in the air despite the recent inflationary spike and bonds
are telegraphing just that. Feels like a 2008-style recession trade has begun,
with a potential for a decline in risk assets across the board. The current
market is tracking closely the <b>2000 moves down</b> in the S&P
500, implying a panic low right ahead in the upcoming months (My views do not
matter, kindly pay attention to the levels). A dollar rebound from major
support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have got bounces
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates falling,
is a precursor to the next recession, and the riskiest assets will underperform
going forward under such conditions. </b>Looking for significant
underperformance in the Nifty going forward on challenging macros.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The critical
levels to watch for the week are 4340 (up) and 4315 (down) on the S&P 500
and 19850 (up) and 19650 (down) on the Nifty</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets.
High beta / P/E will get torched yet again and will likely prove to be a sell
on every rise. <b>Gold is increasingly looking like the asset class to own
over the next decade, though the 2000 level could act as short-term resistance.
(Gold exploded almost 8 times higher over the decade following the dotcom bust
in 2000, just imagine what would happen when this AI bubble bursts? following
the recent crypto bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/10/stock-market-signals-october-09.html" target="_blank"><span style="font-size: 16.0pt; line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> for a
comparison. Love your thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-44876617381221926622023-10-09T06:24:00.001-07:002023-10-09T06:24:31.794-07:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning October 09<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 101.45pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: solid windowtext 1.0pt; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 106.0pt;" valign="bottom" width="141">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4309, 0.48%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19654, 0.08%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3111, 0.00%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1847, -1.02%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">82.81, -8.79%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3.63, -2.80%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 29.7pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">277, -2.68%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 28.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1929, 13.40%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 26.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">1.0588, 0.17%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.05pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">149.30, -0.03%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">14808, -1.08%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">99.98, -2.00%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">89.04, -1.50%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4.80%, 4.71%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">-654, -59%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">17.45, -0.40%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 38.15pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">129</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Fear</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 30.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4357, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4424, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">4208, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19787, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">19607, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">18518, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">24.60</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">22.20</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 11.25pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">10.30, -10.06%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">83.11, -0.09%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 40.4pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> </span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">3</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">5</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 41.5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">12</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">9</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Bearish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: solid windowtext 1.0pt; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Observation</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">The S&P 500 and the Nifty were unchanged last week. Indicators are
bearish for the week.</span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">Markets are putting in a short-term bottom. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 43.6pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="bottom" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16.0pt; line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%;">US</span></b><span lang="EN-US" style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%;"> –
PPI, CPI,</span><b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> Eurozone</span></b><span style="font-family: "Times New Roman",serif; font-size: 14.0pt; line-height: 107%; mso-ansi-language: EN-IN; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-IN;"> –
German CPI, <b>UK </b>– GDP</span><span lang="EN-US" style="font-family: "Times New Roman",serif;"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="top" width="196"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="top" width="152"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">*Nifty</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143"></td>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Raw Data</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143"></td>
</tr>
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<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 146.85pt;" valign="top" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">**Neutral</span><span lang="EN-US" style="font-size: 12.0pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 113.7pt;" valign="top" width="152">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10.0pt;">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></p>
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<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 100.45pt;" valign="top" width="134"></td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 107.0pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglPSTQlPG6oyWF2tavzxST8QHe5zcrl6rMmv6Ivke2JZUGx2HXIGvnMvfFvX1av4X-waxfW4TlsenPz-gQRNamxMg8B0QHhqC6kko_xwqpXoxtuyOyKow5AiJ5fSTlmRNly2PRuwsG69eSl6p67TJmqI-5TXHc3mIaYuQY8vpBI72XjURVv81oIdrRhWsy/s1562/NIFTY_2023-01-02_20-20-46.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="276" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEglPSTQlPG6oyWF2tavzxST8QHe5zcrl6rMmv6Ivke2JZUGx2HXIGvnMvfFvX1av4X-waxfW4TlsenPz-gQRNamxMg8B0QHhqC6kko_xwqpXoxtuyOyKow5AiJ5fSTlmRNly2PRuwsG69eSl6p67TJmqI-5TXHc3mIaYuQY8vpBI72XjURVv81oIdrRhWsy/w514-h276/NIFTY_2023-01-02_20-20-46.png" width="514" /></a></div><br /><span lang="EN-US" style="font-size: 12.0pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The <b>S&P
500 and the Nifty were little changed </b>last week. Indicators are <b>bearish</b> for
the week. <b>Markets are oversold and are likely to find a short-term
bottom soon that will produce a meaningful rally</b>. We are transitioning from
an inflationary regime to a <b>deflationary collapse</b>. The Nifty is
correcting from its recent highs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The past week
saw US equity markets rise. Most emerging markets fell, as interest rates rose.
Transports are holding near recent lows, which is an ominous sign. The Baltic
dry index rose. The dollar was unchanged. Commodities fell. Valuations continue
to be quite expensive, market breadth fell, and the sentiment is now bearish.
Fear was unchanged this week, as a possible reality check from a FED Pivot
looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The recent
currency crisis should resume and push risky assets to new lows across the
board. Deflation is in the air despite the recent inflationary spike and bonds
are telegraphing just that. Feels like a 2008-style recession trade has begun,
with a potential for a decline in risk assets across the board. The current
market is tracking closely the <b>2000 moves down</b> in the S&P
500, implying a panic low right ahead in the upcoming months (My views do not
matter, kindly pay attention to the levels). A dollar rebound from major
support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have got bounces
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">We rallied 46%
right after the Great Depression (the 1930s) first collapse and we rallied over
120% in our most recent rally of the COVID-19 lows. After extreme euphoria for
the indices, a highly probable selloff to the 3800 area is emerging on the
S&P 500, and 17000 should arrive on the Nifty in the next few months.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The critical
levels to watch for the week are 4320 (up) and 4295 (down) on the S&P 500
and 19750 (up) and 19550 (down) on the Nifty</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets.
High beta / P/E will get torched yet again and will likely prove to be a sell
on every rise. <b>Gold is increasingly looking like the asset class to own
over the next decade, though the 2000 level could act as short-term resistance.
(Gold exploded almost 8 times higher over the decade following the dot-com bust
in 2000, just imagine what would happen when this AI bubble bursts? following
the recent crypto bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/10/stock-market-signals-october-02.html" target="_blank"><span style="font-size: 16.0pt; line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> for a
comparison. Love your thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0tag:blogger.com,1999:blog-2139328490240584776.post-1669596339657947212023-10-01T01:10:00.002-07:002023-10-05T10:20:23.116-07:00Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning October 02<p> </p><table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 624px;">
<tbody><tr>
<td style="border: 1pt solid windowtext; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Asset Class</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Weekly Level / Change</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 101.45pt;" valign="bottom" width="135">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Implication for S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-left: none; border: 1pt solid windowtext; mso-border-left-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 106pt;" valign="bottom" width="141">
<p align="center" class="MsoNormal" style="margin-left: 16.05pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Implication for Nifty*</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4288, -0.74%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">19638, -0.18%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral **</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">China Shanghai Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">3110, -0.70%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Gold</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">1865, -4.16%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">WTIC Crude</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">90.77, 0.82%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 29.7pt; mso-yfti-irow: 6;">
<td style="border-top: none; border: 1pt solid windowtext; height: 29.7pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Copper</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">3.73, 1.03%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 29.7pt; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 28.05pt; mso-yfti-irow: 7;">
<td style="border-top: none; border: 1pt solid windowtext; height: 28.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">CRB Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">285, -0.51%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 28.05pt; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 26.4pt; mso-yfti-irow: 8;">
<td style="border-top: none; border: 1pt solid windowtext; height: 26.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Baltic Dry Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">1701, 5.39%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 26.4pt; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.05pt; mso-yfti-irow: 9;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.05pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Euro</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">1.0572, -0.75%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.05pt; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Dollar/Yen</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">149.38, 0.68%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Dow Transports</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">14968, -0.13%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 12;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Corporate Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">102.02, -1.75%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.6pt; mso-yfti-irow: 13;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">High Yield Bonds (ETF)</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">90.40, -0.40%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.6pt; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">US 10-year Bond Yield</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4.58%, 3.18%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">NYSE Summation Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">-412, -109%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 38.15pt; mso-yfti-irow: 16;">
<td style="border-top: none; border: 1pt solid windowtext; height: 38.15pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">US Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">17.52, 1.86%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 38.15pt; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 17;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Skew</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">135</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 30.5pt; mso-yfti-irow: 18;">
<td style="border-top: none; border: 1pt solid windowtext; height: 30.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">CNN Fear & Greed Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Fear</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 30.5pt; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">20 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4409, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">50 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4453, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">200 DMA, S & P 500</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">4200, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">20 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">19786, Below</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">50 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">19626, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">200 DMA, Nifty</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">18498, Above</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">S & P 500 P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">24.48</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 11.25pt; mso-yfti-irow: 26;">
<td style="border-top: none; border: 1pt solid windowtext; height: 11.25pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Nifty P/E</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">22.20</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 11.25pt; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">India Vix</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">11.45, 7.43%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Dollar/Rupee</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">83.18, 0.25%</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
</tr>
<tr style="height: 40.4pt; mso-yfti-irow: 29;">
<td style="border-top: none; border: 1pt solid windowtext; height: 40.4pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Overall</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">S & P 500</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> <o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Nifty</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 40.4pt; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 41.5pt; mso-yfti-irow: 30;">
<td style="border-top: none; border: 1pt solid windowtext; height: 41.5pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US"> </span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bullish Indications</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">6</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">7</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 41.5pt; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish Indications</span><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">12</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">11</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> </span></b><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Outlook</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Bearish</span></b><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143"></td>
</tr>
<tr style="height: 43.6pt; mso-yfti-irow: 33;">
<td style="border-top: none; border: 1pt solid windowtext; height: 43.6pt; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Observation</span></b><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P 500 fell and the Nifty was unchanged last week. Indicators
are bearish for the week.</span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Markets are correcting. Watch those stops.</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; height: 43.6pt; padding: 0cm 5.4pt; width: 107pt;" valign="bottom" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">On the Horizon</span></b><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;">US</span></b><span lang="EN-US" style="font-size: 14pt; line-height: 107%;"> – Employment data, <b>India</b> - RBI rate decision</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="bottom" width="134"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="top" width="196"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="top" width="152"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">*Nifty</span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;"> </span><span lang="EN-US"><o:p></o:p></span></p>
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">India’s Benchmark Stock Market Index</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="bottom" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">Raw Data</span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="bottom" width="152">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">Courtesy Stock charts, investing.com, multpl.com, NSE</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143"></td>
</tr>
<tr>
<td style="border-top: none; border: 1pt solid windowtext; mso-border-top-alt: solid windowtext 1.0pt; padding: 0cm 5.4pt; width: 146.85pt;" valign="top" width="196">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">**Neutral</span><span lang="EN-US" style="font-size: 12pt;"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 113.7pt;" valign="top" width="152">
<p align="center" class="MsoNormal" style="line-height: 13.8pt; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: center;"><span lang="EN-US" style="font-size: 10pt;">Changes less than 0.5% are considered neutral</span><span lang="EN-US"><o:p></o:p></span></p>
</td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 100.45pt;" valign="top" width="134"></td>
<td style="border-bottom: 1pt solid windowtext; border-left: none; border-right: 1pt solid windowtext; border-top: none; padding: 0cm 5.4pt; width: 107pt;" valign="top" width="143"></td>
</tr>
</tbody></table>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"> </span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhr4pW51G4S5DS8qTwVCRJCOMNKhIEaXNyU4B_wxTwL996TbTFPftUCnltNgRjLQrupxEu7IB5-NExRc-4YvIKs8QvcBEifQ9e2tV40ODtkoaBQUAkkKUaUqCBK4YUn5Ix9Yj55TcLjiNkdWXDbQCwtVwdXL7gV7e18GU7ZfOir3bBXZaieMPvaO1yo4luO/s1562/NIFTY_2023-01-02_20-20-46.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="743" data-original-width="1562" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhr4pW51G4S5DS8qTwVCRJCOMNKhIEaXNyU4B_wxTwL996TbTFPftUCnltNgRjLQrupxEu7IB5-NExRc-4YvIKs8QvcBEifQ9e2tV40ODtkoaBQUAkkKUaUqCBK4YUn5Ix9Yj55TcLjiNkdWXDbQCwtVwdXL7gV7e18GU7ZfOir3bBXZaieMPvaO1yo4luO/w472-h265/NIFTY_2023-01-02_20-20-46.png" width="472" /></a></div><br /><span lang="EN-US" style="font-size: 12pt; line-height: 107%;"><o:p></o:p></span><p></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The <b>S&P
500 fell and the Nifty was little changed </b>last week. Indicators
are <b>bearish</b> for the week. <b>Markets are oversold and are
likely to find a short term bottom soon that will produce a meaningful rally</b>.
We are transitioning from an inflationary regime to a <b>deflationary
collapse</b>. The Nifty is correcting from its recent highs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The past week
saw US equity markets fall. Most emerging markets fell, as interest rates rose.
Transports are close to recent lows, which is an ominous sign. The Baltic dry
index rose. The dollar rose. Commodities fell. Valuations continue to be quite
expensive, market breadth fell, and the sentiment is now bearish. Fear rose
this week, as a possible reality check from a FED Pivot looms.</span></b><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The recent
currency crisis should resume and push risky assets to new lows across the
board. Deflation is in the air despite the recent inflationary spike and bonds
are telegraphing just that. Feels like a 2008-style recession trade has begun,
with a potential for a decline in risk assets across the board. The current
market is tracking closely the <b>2000 moves down</b> in the S&P
500, implying a panic low right ahead in the upcoming months (My views do not
matter, kindly pay attention to the levels). A dollar rebound from major
support is a likely catalyst.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The S&P
500 is encountering resistance near its recent highs. We have got bounces
from <b>recent lows without capitulation</b>. This suggests the lows may
not be in and the regime has changed from <b>buying the dip to selling the
rip</b>. We may get a <b>final flush down</b> soon. Risky assets
should continue breaking to the downside across the board, as downward earnings
revisions are underway.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The Fed has
aggressively tightened into a recession. Deflationary busts often begin after
major inflationary scares. The market has rebounded after correcting
significantly, and more is left on the downside. The Dollar, commodities, and
bond yields are continuing to flash major warning signs.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The epic
correction signal occurred with retail, hedge funds, and speculators all in, in
January 2022, suggesting a major top is in. The moment of reckoning is here.
With extremely high valuations, a crash is on the menu. Low volatility suggests
complacency and downside ahead.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">We rallied 46%
right after the Great Depression (the 1930s) first collapse and we rallied over
120% in our most recent rally of the COVID-19 lows. After extreme euphoria for
the indices, a highly probable selloff to the 3800 area is emerging on the
S&P 500, and 17000 should arrive on the Nifty in the next few months.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">Global yield
curves have inverted significantly</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> reflecting a major upcoming <b>recession</b>. <b>The
recent steepening of the yield curve, within an inverted context, with rates
falling, is a precursor to the next recession, and the riskiest assets will
underperform going forward under such conditions. </b>Looking for
significant underperformance in the Nifty going forward on challenging macros.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">The critical
levels to watch for the week are 4300 (up) and 4275 (down) on the S&P 500
and 19750 (up) and 19550 (down) on the Nifty</span></b><span lang="EN-US" style="font-size: 16pt; line-height: 107%;">. A significant breach of
the above levels could trigger the next big move in the above markets.
High beta / P/E will get torched yet again and will likely prove to be a sell
on every rise. <b>Gold is increasingly looking like the asset class to own
over the next decade, though the 2000 level could act as short-term resistance.
(Gold exploded almost 8 times higher over the decade following the dotcom bust
in 2000, just imagine what would happen when this AI bubble bursts? following
the recent crypto bubble burst)</b> You can check out </span><span lang="EN-US"><a href="https://rajveersmarketviews.blogspot.com/2023/09/stock-market-signals-september-25.html" target="_blank"><span style="font-size: 16pt; line-height: 107%;">last week’s report</span></a></span><span lang="EN-US" style="font-size: 16pt; line-height: 107%;"> for a comparison.
Love your thoughts and feedback.</span><span lang="EN-US" style="font-size: 13.5pt; line-height: 107%;"><o:p></o:p></span></p>
<p class="MsoNormal"><span lang="EN-US"> </span></p>Rajveerhttp://www.blogger.com/profile/06525877591371774196noreply@blogger.com0