|
Indicator
|
Weekly
Level / Change
|
Implication
for
S
& P 500
|
Implication
for Nifty*
|
|
S
& P 500
|
2553, 0.15%
|
Neutral
|
Neutral
|
|
Nifty
|
10168, 1.88%
|
Neutral
**
|
Bullish
|
|
China
Shanghai Index
|
3391, 1.24%
|
Bullish
|
Bullish
|
|
Gold
|
1305, 2.33%
|
Bullish
|
Bullish
|
|
WTIC
Crude
|
51.45, 4.38%
|
Bullish
|
Bullish
|
|
Copper
|
3.13, 3.45%
|
Bullish
|
Bullish
|
|
Baltic
Dry Index
|
1458, 5.50%
|
Bullish
|
Bullish
|
|
Euro
|
1.1821, 0.77%
|
Bullish
|
Bullish
|
|
Dollar/Yen
|
111.87, -0.67%
|
Bearish
|
Bearish
|
|
Dow
Transports
|
9936, 0.50%
|
Bullish
|
Bullish
|
|
High
Yield (ETF)
|
37.18, 0.00%
|
Neutral
|
Neutral
|
|
US
10 year Bond Yield
|
2.27%, -3.80%
|
Bullish
|
Bullish
|
|
Nyse
Summation Index
|
928, 1.81%
|
Bullish
|
Neutral
|
|
US
Vix
|
9.61, -0.41%
|
Neutral
|
Neutral
|
|
Skew
|
138
|
Neutral
|
Neutral
|
|
20
DMA, S and P 500
|
2526, Above
|
Bullish
|
Neutral
|
|
50
DMA, S and P 500
|
2488, Above
|
Bullish
|
Neutral
|
|
200
DMA, S and P 500
|
2403, Above
|
Bullish
|
Neutral
|
|
20
DMA, Nifty
|
9977, Above
|
Neutral
|
Bullish
|
|
50
DMA, Nifty
|
9945, Above
|
Neutral
|
Bullish
|
|
200
DMA, Nifty
|
9362, Above
|
Neutral
|
Bullish
|
|
India
Vix
|
11.26, 1.30%
|
Neutral
|
Bearish
|
|
Dollar/Rupee
|
64.66, -1.19%
|
Neutral
|
Bullish
|
|
Overall
|
S
& P 500
|
Nifty
|
|
|
Bullish
Indications
|
12
|
13
|
|
|
Bearish
Indications
|
1
|
2
|
|
|
Outlook
|
Bullish
|
Bullish
|
|
|
Observation
|
The
S and P 500 and the Nifty made new highs last week. Indicators are bullish.
The
market is topping. Time to tighten those stops.
|
||
|
On
the Horizon
|
China
– GDP, Industrial production, New Zealand – CPI, Australia - Employment data,
UK – CPI, Employment data, Retail sales, Euro zone – CPI, German ZEW economic
sentiment data, U.S –Oil inventories, Existing home sales, Canada – 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 made new highs 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 well
over 3 standard deviations above their long term averages from which
corrections usually result. The critical levels to watch are 2565 (up) and 2545(down)
on the S & P and 10250 (up) and 10100 (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.
