Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning June 19

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2433, 0.06%	Neutral	Neutral
Nifty	9588, -0.83%	Neutral **	Bearish
China Shanghai Index	3123, -1.12%	Bearish	Bearish
Gold	1257, -1.17%	Bearish	Bearish
WTIC Crude	44.97, -1.88%	Bearish	Bearish
Copper	2.56, -3.23%	Bearish	Bearish
Baltic Dry Index	855, 0.71%	Bullish	Bullish
Euro	1.1197, 0.02%	Neutral	Neutral
Dollar/Yen	110.85, 0.52%	Bullish	Bullish
Dow Transports	9414, 0.92%	Bullish	Bullish
High Yield (ETF)	37.07, -0.16%	Neutral	Neutral
US 10 year Bond Yield	2.16%, -1.91%	Bullish	Bullish
Nyse Summation Index	638, 6.74%	Bullish	Neutral
US Vix	10.38, -2.99%	Bullish	Bullish
Skew	135	Neutral	Neutral
20 DMA, S and P 500	2422, Above	Bullish	Neutral
50 DMA, S and P 500	2393, Above	Bullish	Neutral
200 DMA, S and P 500	2280, Above	Bullish	Neutral
20 DMA, Nifty	9586, Above	Neutral	Bullish
50 DMA, Nifty	9411, Above	Neutral	Bullish
200 DMA, Nifty	8792, Above	Neutral	Bullish
India Vix	10.91, 0.48%	Neutral	Neutral
Dollar/Rupee	64.42, 0.08%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	9	8
Bearish Indications	4	5
Outlook	Bullish	Bullish
Observation	The S and P 500 was unchanged and the Nifty fell last week. Indicators are bullish. The market is encountering resistance at these levels. Time to tighten those stops.
On the Horizon	Australia – RBA minutes, New Zealand – Rate decision, Euro Zone – PMI, U.S – Existing and new home sales, Oil inventories, Canada – Retail sales, CPI
*Nifty	India’s Benchmark Stock Market Index
Raw Data	Courtesy Google finance, Stock charts, investing.com
**Neutral	Changes less than 0.5% are considered neutral

The S and P 500 was unchanged and the Nifty fell last week. Signals are bullish for the upcoming week. Past and future FED rate hikes are yet to be priced in and sentiment indicators are back in complacency mode. Market internals and commodities are flashing major warning signs of a large decline ahead. The critical levels to watch are 2445 (up) and 2420 (down) on the S & P and 9650 (up) and 9500 (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.