Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning March 13

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2373, -0.44%	Neutral	Neutral
Nifty	8935, 0.42%	Neutral **	Neutral
China Shanghai Index	3213, -0.17%	Neutral	Neutral
Gold	1201, -2.05%	Bearish	Bearish
WTIC Crude	48.49, -9.08%	Bearish	Bearish
Copper	2.60, -3.75%	Bearish	Bearish
Baltic Dry Index	1064, 13.31%	Bullish	Bullish
Euro	1.067, 0. 48%	Neutral	Neutral
Dollar/Yen	114.75, 0.67%	Bullish	Bullish
Dow Transports	9290, -2.13%	Bearish	Bearish
High Yield (ETF)	36.33, -2.05%	Bearish	Bearish
US 10 year Bond Yield	2.49%, 7.55%	Bearish	Bearish
Nyse Summation Index	440, -42.78%	Bearish	Neutral
US Vix	11.66, 6.39%	Bearish	Bearish
20 DMA, S and P 500	2361, Above	Bullish	Neutral
50 DMA, S and P 500	2310, Above	Bullish	Neutral
200 DMA, S and P 500	2195, Above	Bullish	Neutral
20 DMA, Nifty	8879, Above	Neutral	Bullish
50 DMA, Nifty	8626, Above	Neutral	Bullish
200 DMA, Nifty	8474, Above	Neutral	Bullish
India Vix	13.96, 4.53%	Neutral	Bearish
Dollar/Rupee	66.46, -0.40%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	5	5
Bearish Indications	8	8
Outlook	Bearish	Bearish
Observation	The S and P 500 was down and the Nifty was up last week. Indicators are bearish. The market is way over bought on sentiment. Time to watch those stops.
On the Horizon	Japan – Rate decision, Australia – Employment data, New Zealand – GDP, UK – BOE rate decision, Euro zone – ZEW survey, Switzerland – Rate decision,   U.S – CPI, Retail sales, U. Mich. Consumer confidence, FOMC rate decision
*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 was down and the Nifty was up last week. Signals are bearish for the upcoming week. Possible FED rate hikes are yet to be priced in and sentiment indicators are back in complacent mode. Market internals, transports and commodities are flashing major warning signs of a large decline ahead. The critical levels to watch are 2380 (up) and 2360 (down) on the S & P and 9000 (up) and 8850 (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.