|
Indicator
|
Weekly
Level / Change
|
Implication
for
S
& P 500
|
Implication
for Nifty*
|
|
S
& P 500
|
2502, 0.08%
|
Neutral
|
Neutral
|
|
Nifty
|
9964, -1.20%
|
Neutral
**
|
Bearish
|
|
China
Shanghai Index
|
3353, -0.03%
|
Neutral
|
Neutral
|
|
Gold
|
1298, -2.09%
|
Bearish
|
Bearish
|
|
WTIC
Crude
|
50.66, 1.54%
|
Bullish
|
Bullish
|
|
Copper
|
2.94, -0.15%
|
Neutral
|
Neutral
|
|
Baltic
Dry Index
|
1470, 8.01%
|
Bullish
|
Bullish
|
|
Euro
|
1.1951, 0.05%
|
Neutral
|
Neutral
|
|
Dollar/Yen
|
111.99, 1.01%
|
Bullish
|
Bullish
|
|
Dow
Transports
|
9704, 1.66%
|
Bullish
|
Bullish
|
|
High
Yield (ETF)
|
37.20, 0.08%
|
Neutral
|
Neutral
|
|
US
10 year Bond Yield
|
2.26%, 2.72%
|
Bearish
|
Bearish
|
|
Nyse
Summation Index
|
675, 25.70%
|
Bullish
|
Neutral
|
|
US
Vix
|
9.59, -5.70%
|
Bullish
|
Bullish
|
|
Skew
|
138
|
Neutral
|
Neutral
|
|
20
DMA, S and P 500
|
2480, Above
|
Bullish
|
Neutral
|
|
50
DMA, S and P 500
|
2469, Above
|
Bullish
|
Neutral
|
|
200
DMA, S and P 500
|
2382, Above
|
Bullish
|
Neutral
|
|
20
DMA, Nifty
|
10001, Below
|
Neutral
|
Bearish
|
|
50
DMA, Nifty
|
9954, Above
|
Neutral
|
Bullish
|
|
200
DMA, Nifty
|
9236, Above
|
Neutral
|
Bullish
|
|
India
Vix
|
12.81, 9.70%
|
Neutral
|
Bearish
|
|
Dollar/Rupee
|
64.87, 1.15%
|
Neutral
|
Bearish
|
|
Overall
|
S
& P 500
|
Nifty
|
|
|
Bullish
Indications
|
9
|
7
|
|
|
Bearish
Indications
|
2
|
6
|
|
|
Outlook
|
Bullish
|
Bullish
|
|
|
Observation
|
The
S and P 500 was unchanged and the Nifty fell last week. Indicators are bullish.
The
market is topping. Time to tighten those stops.
|
||
|
On
the Horizon
|
China
– PMI, New Zealand – Rate decision, UK – GDP, Euro – German elections, German
IFO data, German employment data, CPI, U.S – Consumer confidence, Oil
inventories, Home sales, Durable goods, GDP, Canada – GDP
|
||
|
*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. Quantitative tightening by the FED is 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 2510 (up) and 2490 (down) on
the S & P and 10000 (up) and 9900 (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.
