Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning March 21

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2050, 1.35%	Bullish	Bullish
Nifty	7604, 1.25%	Neutral**	Bullish
China Shanghai Index	2955, 5.15%	Bullish	Bullish
Gold	1256, 0.39%	Neutral	Neutral
WTIC Crude	41.13, 6.86%	Bullish	Bullish
Copper	2.29, 2.24%	Bullish	Bullish
Baltic Dry Index	392, 2.08%	Bullish	Bullish
Euro	1.132, 1.49%	Bullish	Bullish
Dollar/Yen	111.59, -1.94%	Bearish	Bearish
Dow Transports	8076, 4.97%	Bullish	Bullish
High Yield (ETF)	34.54, 0.61%	Bullish	Bullish
US 10 year Bond Yield	1.87%, -5.36%	Bullish	Bullish
Nyse Summation Index	917, 34.35%	Bullish	Neutral
US Vix	14.02, -15.03%	Bullish	Bullish
20 DMA, S and P 500	1986, Above	Bullish	Neutral
50 DMA, S and P 500	1932, Above	Bullish	Neutral
200 DMA, S and P 500	2017, Above	Bullish	Neutral
20 DMA, Nifty	7337, Above	Neutral	Bullish
50 DMA, Nifty	7356, Above	Neutral	Bullish
200 DMA, Nifty	7909, Below	Neutral	Bearish
India Vix	16.38, -4.18%	Neutral	Bullish
Dollar/Rupee	66.38, -0.89%	Neutral	Bullish
Overall	S & P 500	Nifty
Bullish Indications	14	15
Bearish Indications	1	2
Outlook	Bullish	Bullish
Observation	The Sand P 500 and the Nifty rallied last week. Indicators are bullish. Markets are back at resistance. Time to tighten those stops.
On the Horizon	Japan – CPI, U.K-CPI, U.S – Durable goods
*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 and Nifty rallied last week. Signals are bullish for the upcoming week. The markets are back at resistance and are likely to continue major breakdowns in 2016 once this rally concludes. A big move is imminent.  The critical levels to watch are 2060 (up) and 2040 (down) on the S & P and 7650 (up) and 7550 (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. You can also check out snapshots of the S and P 500 and Nifty Indices. Love your thoughts and feedback.

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Dollar Strength to Return?

Yet another FED day has come and gone, the dollar has been trending down and is approaching oversold levels and could trigger a risk off trade near term, here's how to play this:

1) Dollar Strength:

The dollar is oversold and is likely to bounce from oversold levels and strengthen against the Euro: 

Can play this via the Ultralong Dollar ETF UUP: 

 2) This should trigger a selloff in commodities like gold, oil and base metals which are overbought: 

Can play this via the ultra short basic materials ETF SMN: 

 3) The Volatility picture remains complacent suggesting a surge in volatility post the fed. 

Can play it via the ultra long ETF on volatility UVXY: 

 4) This could trigger a selloff in stocks, with the S & P 500 breaking down out of a massive rising wedge on the long term charts courtesy stocktwits.com: 

 Can play this via ultra short ETF’s

5) Collapsing High Yield:

A high yield collapse is just around the corner and can be played via the ultra short ETF SJB: