The S&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.