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 some key events which have had little impact on markets:
Ahead of the Curve provides you with analysis and insight into today's global financial markets. The latest news and views from global stock, bond, commodity and FOREX markets are discussed.
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Monday, 20 February 2017
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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 week ahead:
Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning February 20
|
Indicator
|
Weekly
Level / Change
|
Implication
for
S
& P 500
|
Implication
for Nifty*
|
|
S
& P 500
|
2351, 1.51%
|
Bullish
|
Bullish
|
|
Nifty
|
8822, 0.32%
|
Neutral**
|
Neutral
|
|
China
Shanghai Index
|
3202, 0.17%
|
Neutral
|
Neutral
|
|
Gold
|
1239, 0.26%
|
Neutral
|
Neutral
|
|
WTIC
Crude
|
53.78, -0.15%
|
Neutral
|
Neutral
|
|
Copper
|
2.71, -2.20%
|
Bearish
|
Bearish
|
|
Baltic
Dry Index
|
741, 5.56%
|
Bullish
|
Bullish
|
|
Euro
|
1.062, -0.23%
|
Neutral
|
Neutral
|
|
Dollar/Yen
|
112.89, -0.30%
|
Neutral
|
Neutral
|
|
Dow
Transports
|
9495, 1.08%
|
Bullish
|
Bullish
|
|
High
Yield (ETF)
|
36.96, 0.16%
|
Neutral
|
Neutral
|
|
US
10 year Bond Yield
|
2.43%, 0.66%
|
Bearish
|
Bearish
|
|
Nyse
Summation Index
|
779, 13.50%
|
Bullish
|
Neutral
|
|
US
Vix
|
11.49, 5.90%
|
Bearish
|
Bearish
|
|
20
DMA, S and P 500
|
2303, Above
|
Bullish
|
Neutral
|
|
50
DMA, S and P 500
|
2279, Above
|
Bullish
|
Neutral
|
|
200
DMA, S and P 500
|
2173, Above
|
Bullish
|
Neutral
|
|
20
DMA, Nifty
|
8684, Above
|
Neutral
|
Bullish
|
|
50
DMA, Nifty
|
8395, Above
|
Neutral
|
Bullish
|
|
200
DMA, Nifty
|
8397, Above
|
Neutral
|
Bullish
|
|
India
Vix
|
13.43, 1.94%
|
Neutral
|
Bearish
|
|
Dollar/Rupee
|
67.08, 0.32%
|
Neutral
|
Neutral
|
|
Overall
|
S
& P 500
|
Nifty
|
|
|
Bullish
Indications
|
7
|
6
|
|
|
Bearish
Indications
|
3
|
4
|
|
|
Outlook
|
Bullish
|
Bullish
|
|
|
Observation
|
The
S and P 500 and the Nifty were up last week. Indicators are bullish.
The
market is in melt up mode. Time to watch those stops.
|
||
|
On
the Horizon
|
U.K
– GDP, Carney speech, Euro zone – Euro zone CPI, U.S – FOMC minutes, Canada -
CPI
|
||
|
*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. Risk reward is shifting towards the downside. The
critical levels to watch are 2360 (up) and 2340 (down) on the S & P and 8900
(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.
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