Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning November 28

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2213, 1.44%	Bullish	Bullish
Nifty	8114, 0.50%	Neutral**	Bullish
China Shanghai Index	3262, 1.16%	Bullish	Bullish
Gold	1178, -2.51%	Bearish	Bearish
WTIC Crude	46.06, -0.65%	Bearish	Bearish
Copper	2.67, 8.13%	Bullish	Bullish
Baltic Dry Index	1181, -6.05%	Bearish	Bearish
Euro	1.06, 0.10%	Neutral	Neutral
Dollar/Yen	113.08, 1.99%	Bullish	Bullish
Dow Transports	9044, 2.12%	Bullish	Bullish
High Yield (ETF)	36.09, 1.32%	Bullish	Bullish
US 10 year Bond Yield	2.37%, 1.58%	Bearish	Bearish
Nyse Summation Index	34, 118.39%	Bullish	Neutral
US Vix	12.34, -3.97%	Bullish	Bullish
20 DMA, S and P 500	2152, Above	Bullish	Neutral
50 DMA, S and P 500	2156, Above	Bullish	Neutral
200 DMA, S and P 500	2103, Above	Bullish	Neutral
20 DMA, Nifty	8301, Below	Neutral	Bearish
50 DMA, Nifty	8544, Below	Neutral	Bearish
200 DMA, Nifty	8144, Below	Neutral	Bearish
India Vix	17.61, -1.08%	Neutral	Bullish
Dollar/Rupee	68.52, 0.50%	Neutral	Bearish
Overall	S & P 500	Nifty
Bullish Indications	11	9
Bearish Indications	4	8
Outlook	Bulllish	Bullish
Observation	The S and P 500 and the Nifty rallied last week. Indicators are bullish. The oversold bounce has turned overbought and downside is about to resume. Time to watch those stops.
On the Horizon	China - PMI, Euro zone – German employment data, CPI, Euro Zone CPI, Switzerland – GDP, Canada - Employment data, GDP, U.S – Consumer confidence, Personal consumption expenditure, GDP, ISM data,  Employment data, OPEC meet
*Nifty	India’s Benchmark Stock Market Index
Raw Data	Courtesy Google finance, Stock charts, dailyfx.com
**Neutral	Changes less than 0.5% are considered neutral

The S and P 500 and the Nifty rallied last week. Signals are bullish for the upcoming week. Sentiment indicators are back in complacent mode and a big breakdown will likely start soon. A big move is coming very soon in the markets. Bond yields have made a dramatic surge up and risky segments of the market like emerging markets are breaking down on broad dollar strength. The critical levels to watch are 2220 (up) and 2200 (down) on the S & P and 8200 (up) and 8000 (down) on the Nifty. A significant breach of the above levels could trigger the next big move in the above markets. You can check out last week’s report for a comparison. Love your thoughts and feedback.