Daily Forex Insight

Here are some insights from the currency strategists at dailyfx. They cover the fundamentals and technicals of key Forex pairs and other key markets along with some of the key economic news of the day. Today's commentary looks at the Dollar and the S & P 500:

Daily Forex Insight

Here are some insights from the currency strategists at dailyfx. They cover the fundamentals and technicals of key Forex pairs and other key markets along with some of the key economic news of the day. Today's commentary looks at the upcoming G20 meeting and the Janet Yellen testimony:

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

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2316, 0.81%	Bullish	Bullish
Nifty	8794, 0.60%	Neutral**	Bullish
China Shanghai Index	3197, 1.80%	Bullish	Bullish
Gold	1236, 1.24%	Bullish	Bullish
WTIC Crude	53.86, 0.06%	Neutral	Neutral
Copper	2.77, 5.81%	Bullish	Bullish
Baltic Dry Index	702, -6.65%	Bearish	Bearish
Euro	1.064, -1.34%	Bearish	Bearish
Dollar/Yen	113.28, 0.51%	Bullish	Bullish
Dow Transports	9394, 1.65%	Bullish	Bullish
High Yield (ETF)	36.90, 0.05%	Neutral	Neutral
US 10 year Bond Yield	2.41%, -3.29%	Bullish	Bullish
Nyse Summation Index	686, 4.85%	Bullish	Neutral
US Vix	10.85, -1.09%	Bullish	Bullish
20 DMA, S and P 500	2285, Above	Bullish	Neutral
50 DMA, S and P 500	2265, Above	Bullish	Neutral
200 DMA, S and P 500	2166, Above	Bullish	Neutral
20 DMA, Nifty	8591, Above	Neutral	Bullish
50 DMA, Nifty	8331, Above	Neutral	Bullish
200 DMA, Nifty	8375, Above	Neutral	Bullish
India Vix	13.18, 0.38%	Neutral	Neutral
Dollar/Rupee	66.86, -0.46%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	12	12
Bearish Indications	2	2
Outlook	Bullish	Bullish
Observation	The S and P 500 and the Nifty rallied last week. Indicators are bullish. The market is in melt up mode. Time to watch those stops.
On the Horizon	China – New loans, PPI, CPI, Japan – GDP, Australia – Employment data, U.K – CPI, Euro zone – German GDP, Euro zone GDP, Italy GDP, ZEW survey, G20 meeting, U.S –Retail sales, CPI, Yellen testimony
*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 moved up last week. Signals are bullish for the upcoming week. Possible FED rate hikes are yet to be priced in and sentiment indicators are back in complacent mode. The Baltic dry index is crashing again. The critical levels to watch are 2325 (up) and 2300 (down) on the S & P and 8850 (up) and 8750 (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.