Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning February 27

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2367, 0.69%	Bullish	Bullish
Nifty	8940, 1.34%	Neutral **	Bullish
China Shanghai Index	3253, 1.60%	Bullish	Bullish
Gold	1258, 1.55%	Bullish	Bullish
WTIC Crude	53.99, 0.39%	Neutral	Neutral
Copper	2.70, -0.41%	Neutral	Neutral
Baltic Dry Index	875, 18.08%	Bullish	Bullish
Euro	1.058, -0.34%	Neutral	Neutral
Dollar/Yen	112.14, -0.63%	Bearish	Bearish
Dow Transports	9422, -0.77%	Bearish	Bearish
High Yield (ETF)	37.15, 0.51%	Bullish	Bullish
US 10 year Bond Yield	2.31%, -4.45%	Bullish	Bullish
Nyse Summation Index	812, 4.32%	Bullish	Neutral
US Vix	11.47, -0.17%	Neutral	Neutral
20 DMA, S and P 500	2320, Above	Bullish	Neutral
50 DMA, S and P 500	2288, Above	Bullish	Neutral
200 DMA, S and P 500	2179, Above	Bullish	Neutral
20 DMA, Nifty	8776, Above	Neutral	Bullish
50 DMA, Nifty	8451, Above	Neutral	Bullish
200 DMA, Nifty	8421, Above	Neutral	Bullish
India Vix	13.40, -0.24%	Neutral	Neutral
Dollar/Rupee	66.64, -0.65%	Neutral	Bullish
Overall	S & P 500	Nifty
Bullish Indications	10	11
Bearish Indications	2	2
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	Australia – GDP, China – PMI, Japan –CPI, Euro Zone – German employment data, CPI, Euro zone CPI, GDP, Switzerland – GDP, U.K – GDP, Canada – GDP, U.S – Durable goods, Consumer confidence, Trade balance, Personal consumption data, GDP, ISM data, Yellen speech, Canada – Rate decision, GDP
*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 Vix, transports and the flight to quality bid emerging in treasuries, the dollar and yen are suggesting that risk reward is shifting towards the downside. The critical levels to watch are 2380 (up) and 2360 (down) on the S & P and 9000 (up) and 8850 (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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