The S&P 500 was relatively unchanged and the Nifty was up 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 secondary top with non-conformation from the transports. The trend is changing from bullish to bearish and the markets are about to get smashed by a strong dollar. Looking for significant underperformance 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 of late as the yield curve inverts. The critical levels to watch for the week are 2955 (up) and 2930 (down) on the S&P 500 and 11850 (up) and 11700 (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.