Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning July 22

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	2977, -1.23%	Bearish	Bearish
Nifty	11419, -1.15%	Neutral **	Bearish
China Shanghai Index	2924, -0.22%	Neutral	Neutral
Gold	1426, 0.58%	Bullish	Bullish
WTIC Crude	55.75, -7.41%	Bearish	Bearish
Copper	2.74, 1.74%	Bullish	Bullish
Baltic Dry Index	2170, 16.35%	Bullish	Bullish
Euro	1.1222, -0.43%	Neutral	Neutral
Dollar/Yen	107.71, -0.13%	Neutral	Neutral
Dow Transports	10604, -0.31%	Neutral	Neutral
High Yield (Bond)	108.12, -0.33%	Neutral	Neutral
US 10 year Bond Yield	2.06%, -3.14%	Bullish	Bullish
Nyse Summation Index	764, -2.25%	Bearish	Neutral
US Vix	14.45, 16.63%	Bearish	Bearish
Skew	126	Neutral	Neutral
20 DMA, S and P 500	2973, Above	Bullish	Neutral
50 DMA, S and P 500	2900, Above	Bullish	Neutral
200 DMA, S and P 500	2783, Above	Bullish	Neutral
20 DMA, Nifty	11706, Below	Neutral	Bearish
50 DMA, Nifty	11719, Below	Neutral	Bearish
200 DMA, Nifty	11125, Above	Neutral	Bullish
India Vix	12.52, 4.31%	Neutral	Bearish
Dollar/Rupee	68.86, 0.44%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	7	5
Bearish Indications	4	7
Outlook	Bullish	Bearish
Observation	The S and P 500 and the Nifty fell last week. Indicators are mixed for the week. The markets are on the verge of a great depression style collapse. Watch those stops.
On the Horizon	US – GDP, Eurozone – ECB rate decision
*Nifty	India’s Benchmark Stock Market Index
Raw Data	Courtesy Stock charts, investing.com
**Neutral	Changes less than 0.5% are considered neutral

The S and P 500 and the Nifty fell last week. Indicators are mixed for the upcoming week. QE forever from the FED is about to trigger the deflationary collapse of the century and we are very close to another top in global equity markets. The market is establishing a major top with non-conformations from the transports, other global indices and commodities. The trend is about to change from bullish to bearish and the markets are about to get smashed by a strong dollar. Looking for significant under performance in the Nifty going forward on rapidly deteriorating macros. A 5 year deflationary wave is about to start in key asset classes like the Euro, stocks and commodities amidst a number of bearish divergences and Hindenburg omens. We are on the verge of a multi-year great depression. The markets are still trading well over 3 standard deviations above their long term averages from which corrections usually result. Tail risk has been very high off late as the yield curve inverts. The critical levels to watch for the week are 2990 (up) and 2965 (down) on the S & P 500 and 11500 (up) and 11350 (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.

Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning July 15

Indicator	Weekly Level / Change	Implication for S & P 500	Implication for Nifty*
S & P 500	3014, 0.78%	Bullish	Bullish
Nifty	11553, -2.19%	Neutral **	Bearish
China Shanghai Index	2931, -2.67%	Bearish	Bearish
Gold	1418, 1.41%	Bullish	Bullish
WTIC Crude	60.37, 4.97%	Bullish	Bullish
Copper	2.70, 1.16%	Bullish	Bullish
Baltic Dry Index	1865, 7.18%	Bullish	Bullish
Euro	1.1271, 0.40%	Neutral	Neutral
Dollar/Yen	107.92, -0.53%	Bearish	Bearish
Dow Transports	10637, 1.45%	Bullish	Bullish
High Yield (Bond)	108.49, -0.11%	Neutral	Neutral
US 10 year Bond Yield	2.12%, 3.99%	Bearish	Bearish
Nyse Summation Index	782, 7.73%	Bullish	Neutral
US Vix	12.39, -6.70%	Bullish	Bullish
Skew	124	Neutral	Neutral
20 DMA, S and P 500	2953, Above	Bullish	Neutral
50 DMA, S and P 500	2891, Above	Bullish	Neutral
200 DMA, S and P 500	2781, Above	Bullish	Neutral
20 DMA, Nifty	11739, Below	Neutral	Bearish
50 DMA, Nifty	11709, Below	Neutral	Bearish
200 DMA, Nifty	11113, Above	Neutral	Bullish
India Vix	12.00, -8.17%	Neutral	Bullish
Dollar/Rupee	68.56, 0.16%	Neutral	Neutral
Overall	S & P 500	Nifty
Bullish Indications	11	9
Bearish Indications	3	6
Outlook	Bullish	Bullish
Observation	The S and P 500 was up and the Nifty fell last week. Indicators are bullish for the week. The markets are on the verge of a great depression style collapse. Watch those stops.
On the Horizon	UK – Employment data, CPI, Eurozone – CPI, China - GDP
*Nifty	India’s Benchmark Stock Market Index
Raw Data	Courtesy Stock charts, investing.com
**Neutral	Changes less than 0.5% are considered neutral

The S and P 500 was up and the Nifty fell last week. Indicators are bullish for the upcoming week. QE forever from the FED is about to trigger the deflationary collapse of the century and we are very close to another top in global equity markets. The market is establishing a major top with non-conformations from the transports, other global indices and commodities. The trend is about to change from bullish to bearish and the markets are about to get smashed by a strong dollar. Looking for significant under performance in the Nifty going forward on rapidly deteriorating macros. A 5 year deflationary wave is about to start in key asset classes like the Euro, stocks and commodities amidst a number of bearish divergences and Hindenburg omens. We are on the verge of a multi-year great depression. The markets are still trading well over 3 standard deviations above their long term averages from which corrections usually result. Tail risk has been very high off late as the yield curve inverts. The critical levels to watch for the week are 3030 (up) and 3000 (down) on the S & P 500 and 11650 (up) and 11450 (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.