Market Signals for the US stock market S and P 500 Index and Indian Stock Market Nifty Index for the Week beginning January 29

Indicator
Weekly
Level / Change
Implication
for
S
& P 500
Implication
for Nifty*
S
& P 500
2873, 2.23%
Bullish
Bullish
Nifty
11070, 1.71%
Neutral
**
Bullish
China
Shanghai Index
3558, 2.01%
Bullish
Bullish
Gold
1352, 1.43%
Bullish
Bullish
WTIC
Crude
66.14, 4.47%
Bullish
Bullish
Copper
3.20, 0.36%
Neutral
Neutral
Baltic
Dry Index
1217, 6.85%
Bullish
Bullish
Euro
1.2427, 1.67%
Bullish
Bullish
Dollar/Yen
108.64, -1.97%
Bearish
Bearish
Dow
Transports
11126, -1.59%
Bearish
Bearish
High
Yield (ETF)
36.92, 0.27%
Neutral
Neutral
US
10 year Bond Yield
2.66%, 0.95%
Bearish
Bearish
Nyse
Summation Index
692, 1.53%
Neutral
Bullish
US
Vix
11.08, -1.69%
Bullish
Bullish
Skew
118
Neutral
Neutral
20
DMA, S and P 500
2772, Above
Bullish
Neutral
50
DMA, S and P 500
2691, Above
Bullish
Neutral
200
DMA, S and P 500
2521, Above
Bullish
Neutral
20
DMA, Nifty
10714, Above
Neutral
Bullish
50
DMA, Nifty
10475, Above
Neutral
Bullish
200
DMA, Nifty
9968, Above
Neutral
Bullish
India
Vix
17.51, 25.21%
Neutral
Bearish
Dollar/Rupee
63.64, -0.33%
Neutral
Neutral
Overall
S
& P 500
Nifty
Bullish
Indications
10
12
Bearish
Indications
3
4
Outlook
Bullish
Bullish
Observation
The
S and P 500 and the Nifty made new highs last week. Indicators are bullish.
The
markets have gone parabolic. Time to watch those stops.
On
the Horizon
Australia
– CPI, China – PMI, Euro Zone – CPI, German employment
data, UK – Carney speech, PMI, U.S – Consumer confidence, Oil
inventories, Home sales, FOMC rate decision, Employment data, PMI, Canada – GDP, India – Union Budget
*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
stock market signals january 29

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. Divergences in high yield, transports and surging
bond yields are flashing some warning signs. An interest rate shock can’t be
ruled out. The critical levels to watch are 2885 (up) and 2860(down) on the S
& P and 11150 (up) and 11000 (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. 

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About rajveeronmarkets

I am an avid market watcher having followed capital markets in the US and India since 1993. My research interests includes areas of Capital Markets, Banking, Investment Analysis and Portfolio Management and have over 20 years of experience in the above areas covering the US and Indian Markets.
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