|
Indicator
|
Weekly
Level / Change
|
Implication
for
S
& P 500
|
Implication
for Nifty*
|
|
S
& P 500
|
2433, 0.06%
|
Neutral
|
Neutral
|
|
Nifty
|
9588, -0.83%
|
Neutral
**
|
Bearish
|
|
China
Shanghai Index
|
3123, -1.12%
|
Bearish
|
Bearish
|
|
Gold
|
1257, -1.17%
|
Bearish
|
Bearish
|
|
WTIC
Crude
|
44.97, -1.88%
|
Bearish
|
Bearish
|
|
Copper
|
2.56, -3.23%
|
Bearish
|
Bearish
|
|
Baltic
Dry Index
|
855, 0.71%
|
Bullish
|
Bullish
|
|
Euro
|
1.1197, 0.02%
|
Neutral
|
Neutral
|
|
Dollar/Yen
|
110.85, 0.52%
|
Bullish
|
Bullish
|
|
Dow
Transports
|
9414, 0.92%
|
Bullish
|
Bullish
|
|
High
Yield (ETF)
|
37.07, -0.16%
|
Neutral
|
Neutral
|
|
US
10 year Bond Yield
|
2.16%, -1.91%
|
Bullish
|
Bullish
|
|
Nyse
Summation Index
|
638, 6.74%
|
Bullish
|
Neutral
|
|
US
Vix
|
10.38, -2.99%
|
Bullish
|
Bullish
|
|
Skew
|
135
|
Neutral
|
Neutral
|
|
20
DMA, S and P 500
|
2422, Above
|
Bullish
|
Neutral
|
|
50
DMA, S and P 500
|
2393, Above
|
Bullish
|
Neutral
|
|
200
DMA, S and P 500
|
2280, Above
|
Bullish
|
Neutral
|
|
20
DMA, Nifty
|
9586, Above
|
Neutral
|
Bullish
|
|
50
DMA, Nifty
|
9411, Above
|
Neutral
|
Bullish
|
|
200
DMA, Nifty
|
8792, Above
|
Neutral
|
Bullish
|
|
India
Vix
|
10.91, 0.48%
|
Neutral
|
Neutral
|
|
Dollar/Rupee
|
64.42, 0.08%
|
Neutral
|
Neutral
|
|
Overall
|
S
& P 500
|
Nifty
|
|
|
Bullish
Indications
|
9
|
8
|
|
|
Bearish
Indications
|
4
|
5
|
|
|
Outlook
|
Bullish
|
Bullish
|
|
|
Observation
|
The
S and P 500 was unchanged and the Nifty fell last week. Indicators are bullish.
The
market is encountering resistance at these levels. Time to tighten those
stops.
|
||
|
On
the Horizon
|
Australia
– RBA minutes, New Zealand – Rate decision, Euro Zone – PMI, U.S – Existing and
new home sales, Oil inventories, Canada – Retail sales, CPI
|
||
|
*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
|
The S and
P 500 was unchanged and the Nifty fell last week. Signals are bullish for the
upcoming week. Past and future FED rate hikes are yet to be priced in and sentiment
indicators are back in complacency mode. Market internals and commodities are
flashing major warning signs of a large decline ahead. The critical levels to
watch are 2445 (up) and 2420 (down) on the S & P and 9650 (up) and 9500
(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.
