Nikkei is getting crushed yet again, not much more news here. The question going forward is which market is going to buck the trend first, in either direction. Do we get the snap back rally or do we get the panic selling?
We are on the verge of either one, and it’s coming soon.
That being said, here’s the chart of the Nikkei:
Falling into support down here, I wouldn’t be surprised with a close >15,000.
If that does occur, we need to flip to the US Equities markets. ES Futures closed as a daily hammer candle, a potential buy signal if we confirm above 1850. Currently we sit right at 1825 – and the next 25-point move is the one we are looking for.
Sub 1800 will cause some problems, just as a sub 15K collapse will bring the noise in the Nikkei.
The next few sessions will be very important for global markets. Stay tuned.
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