|
Indicator
|
Weekly
Level / Change
|
Implication
for
S
& P 500
|
Implication
for Nifty*
|
|
S
& P 500
|
2461, -0.61%
|
Bearish
|
Bearish
|
|
Nifty
|
9935, -0.40%
|
Neutral
**
|
Neutral
|
|
China
Shanghai Index
|
3365, -0.06%
|
Neutral
|
Neutral
|
|
Gold
|
1351, 1.56%
|
Bullish
|
Bullish
|
|
WTIC
Crude
|
47.48, 0.40%
|
Neutral
|
Neutral
|
|
Copper
|
3.04, -2.45%
|
Bearish
|
Bearish
|
|
Baltic
Dry Index
|
1296, 9.46%
|
Bullish
|
Bullish
|
|
Euro
|
1.2035, 1.48%
|
Bullish
|
Bullish
|
|
Dollar/Yen
|
107.80, -2.25%
|
Bearish
|
Bearish
|
|
Dow
Transports
|
9384, 0.30%
|
Neutral
|
Neutral
|
|
High
Yield (ETF)
|
36.93, -0.49%
|
Neutral
|
Neutral
|
|
US
10 year Bond Yield
|
2.06%, -4.45%
|
Bullish
|
Bullish
|
|
Nyse
Summation Index
|
347, 29.96%
|
Bullish
|
Neutral
|
|
US
Vix
|
12.12, 19.64%
|
Bearish
|
Bearish
|
|
Skew
|
131
|
Neutral
|
Neutral
|
|
20
DMA, S and P 500
|
2452, Above
|
Bullish
|
Neutral
|
|
50
DMA, S and P 500
|
2455, Above
|
Bullish
|
Neutral
|
|
200
DMA, S and P 500
|
2368, Above
|
Bullish
|
Neutral
|
|
20
DMA, Nifty
|
9866, Above
|
Neutral
|
Bullish
|
|
50
DMA, Nifty
|
9869, Above
|
Neutral
|
Bullish
|
|
200
DMA, Nifty
|
9137, Above
|
Neutral
|
Bullish
|
|
India
Vix
|
12.96, 11.03%
|
Neutral
|
Bearish
|
|
Dollar/Rupee
|
63.97, -0.09%
|
Neutral
|
Neutral
|
|
Overall
|
S
& P 500
|
Nifty
|
|
|
Bullish
Indications
|
8
|
7
|
|
|
Bearish
Indications
|
4
|
5
|
|
|
Outlook
|
Bullish
|
Bullish
|
|
|
Observation
|
The
S and P 500 and the Nifty fell last week. Indicators are bullish.
The
market is topping. Time to tighten those stops.
|
||
|
On
the Horizon
|
China
– Industrial production, Australia – Employment data, UK – CPI, Employment
data, BOE rate decision, Switzerland – Rate decision, Russia – Rate decision,
U.S – PPI, Oil inventories, CPI, Retail sales
|
||
|
*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 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. The markets are still trading at 3 standard deviations above
their long term averages from which corrections usually result. The critical
levels to watch are 2470 (up) and 2450 (down) on the S & P and 10000 (up)
and 9850 (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.
