|
Indicator
|
Weekly
Level / Change
|
Implication
for
S
& P 500
|
Implication
for Nifty*
|
|
S
& P 500
|
2663, -0.24%
|
Neutral
|
Neutral
|
|
Nifty
|
10618, -0.69%
|
Neutral
**
|
Bearish
|
|
China
Shanghai Index
|
3091, 0.29%
|
Neutral
|
Neutral
|
|
Gold
|
1315, -0.66%
|
Bearish
|
Bearish
|
|
WTIC
Crude
|
69.72, 2.38%
|
Bullish
|
Bullish
|
|
Copper
|
3.09, 1.30%
|
Bullish
|
Bullish
|
|
Baltic
Dry Index
|
1376, 0.07%
|
Neutral
|
Neutral
|
|
Euro
|
1.1971, -1.36%
|
Bearish
|
Bearish
|
|
Dollar/Yen
|
109.09, 0.00%
|
Neutral
|
Neutral
|
|
Dow
Transports
|
10370, -1.70%
|
Bearish
|
Bearish
|
|
High
Yield (ETF)
|
35.71, 0.01%
|
Neutral
|
Neutral
|
|
US
10 year Bond Yield
|
2.94%, -0.44%
|
Neutral
|
Neutral
|
|
Nyse
Summation Index
|
166, -19.02%
|
Bearish
|
Neutral
|
|
US
Vix
|
14.77, -4.15%
|
Bullish
|
Bullish
|
|
Skew
|
127
|
Neutral
|
Neutral
|
|
20
DMA, S and P 500
|
2660, Above
|
Bullish
|
Neutral
|
|
50
DMA, S and P 500
|
2681, Below
|
Bearish
|
Neutral
|
|
200
DMA, S and P 500
|
2616, Above
|
Bullish
|
Neutral
|
|
20
DMA, Nifty
|
10552, Above
|
Neutral
|
Bullish
|
|
50
DMA, Nifty
|
10393, Above
|
Neutral
|
Bullish
|
|
200
DMA, Nifty
|
10283, Above
|
Neutral
|
Bullish
|
|
India
Vix
|
13.25, 10.26%
|
Neutral
|
Bearish
|
|
Dollar/Rupee
|
66.81, 0.45%
|
Neutral
|
Neutral
|
|
Overall
|
S
& P 500
|
Nifty
|
|
|
Bullish
Indications
|
5
|
6
|
|
|
Bearish
Indications
|
5
|
5
|
|
|
Outlook
|
Neutral
|
Bullish
|
|
|
Observation
|
The
S and P 500 was unchanged and the Nifty fell last week. Indicators are mixed.
The
markets have made important tops. Time to watch those stops.
|
||
|
On
the Horizon
|
Australia
– Retail sales, New Zealand – Rate decision, UK- Manufacturing production, BOE rate decision, Euro – Draghi speech, U.S – Powell speech, PPI, Oil
inventories, CPI, Canada – Employment
data
|
||
|
*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
|
Chart courtesy David Rosenberg
The S and
P 500 was unchanged and the Nifty fell last week. Indicators are mixed for the
upcoming week. The markets are gearing for a really big directional move. Quantitative
tightening by the FED is yet to be priced in fully. The markets are still
trading well over 3 standard deviations above their long term averages from which
corrections usually result. Indian market volatility is still well below US
market volatility as the nifty is close to resistance while the US market has
hit resistance and turned down. The critical levels to watch are 2675 (up) and 2650 (down) on the S & P and 10700 (up) and 10500 (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.
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