Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning November 9

Indicator	Weekly Level / Change / Significance	Implication for S & P 500	Implication for Nifty*
S & P 500	2099, 0.95%	Bullish	Bullish
Nifty	7954,- 1.38%	Neutral**	Bearish
China Shanghai Index	3590, 6.13%	Bullish	Bullish
Gold	1089, -4.62%	Bearish	Bearish
WTIC Crude	44.52, -4.03%	Bearish	Bearish
Copper	2.24, -3.15%	Bearish	Bearish
Baltic Dry Index	631, -12.48%	Bearish	Bearish
Euro	1.0743, -2.40%	Bearish	Bearish
Dollar/Yen	123.17, 2.07%	Bullish	Bullish
Dow Transports	8241, 1.39%	Bullish	Bullish
US 10 year Bond Yield	2.33%, 8.46%	Bearish	Bearish
Nyse Summation Index	503, 21.99%	Bullish	Neutral
US Vix	14.33, -4.91%	Bullish	Bullish
20 DMA, S and P 500	2060, Above	Bullish	Neutral
50 DMA, S and P 500	1997, Above	Bullish	Neutral
200 DMA, S and P 500	2063, Above	Bullish	Neutral
20 DMA, Nifty	8149, Below	Neutral	Bearish
50 DMA, Nifty	7988, Below	Neutral	Bearish
200 DMA, Nifty	8375, Below	Neutral	Bearish
India Vix	19.47, 8.91%	Neutral	Bearish
Dollar/Rupee	66.06, 1.03%	Neutral	Bearish
Overall	S & P 500	Nifty
Bullish Indications	9	5
Bearish Indications	6	12
Outlook	Bullish	Bearish
Observation	The Sand P 500 was up and the Nifty significantly under performed last week. Indicators are bullish for the S & P but bearish for the Nifty. The Vix is still indicating complacency. Looking for a pull back soon.
On the Horizon	Australia – Employment data, China – Loan data, CPI, Euro Zone – German & Euro zone GDP, U.S – Retail Sales, Consumer Confidence.
*Nifty	India’s Benchmark Stock Market Index
Raw Data	Courtesy Google finance, Stock charts, FXCM
**Neutral	Changes less than 0.5% are considered neutral

The US market was up last week while the Nifty sold off sharply. Signals are mixed for the upcoming week and the recent rally is on the verge of completion. The markets are likely to correct soon, with most emerging markets, and commodities already breaking down on a strong dollar and a hawkish FED. There will be more downside upcoming in the #Nifty and the S and P 500, with at least a retest of the lows for the S and P 500 near 1867 and Nifty near 7550 in the upcoming months. You can check out last week’s report for a comparison. You can also check out snapshots of the S and P 500 and Nifty Indices. Love your thoughts and feedback.