What rules the world?
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The NASDAQ tech 100 index probably rules most of the world. How?
It heavily influences stock markets around the globe. The JP225USD is pretty sensitive to what happens on NDX and the US30 aka Wall Street. A fall in the tech 100, usually sees a rise in the strength of the Yen, which then has knock on effects on other currencies.
What's on the chart?
1. Signs of a weakening daily trend (red dots) curving to a possible plateau (almost a double top) and falling off.
2. The VMA has been punctured, which is not a good sign.
3. Switch on the Vervoort.
4. Two areas of tight squeeze on the Squeeze Momentum indicator (just below the RSI) - and weakening rebellions (height of green histogram).
5. RSI has fallen below 50 - not a good sign (price less likely to move north).
6. A high cross on of AroonUp over AroonDown - suggesting the bears are more likely to have time in the market (time momentum) - if they continue to dominate for the next 7 days.
In essence the combination of the above indicators cohere to point to more down side. How far? I have no crystal ball.
To be clear, every probability in one direction sits with a probability for the other direction.
In the last two weeks, I've seen Ethereum correlate inversely on smaller time frames, with the strength of the Yen.
So, I'm stalking this index for what else might happen on other stock indices and anything Yen.
It heavily influences stock markets around the globe. The JP225USD is pretty sensitive to what happens on NDX and the US30 aka Wall Street. A fall in the tech 100, usually sees a rise in the strength of the Yen, which then has knock on effects on other currencies.
What's on the chart?
1. Signs of a weakening daily trend (red dots) curving to a possible plateau (almost a double top) and falling off.
2. The VMA has been punctured, which is not a good sign.
3. Switch on the Vervoort.
4. Two areas of tight squeeze on the Squeeze Momentum indicator (just below the RSI) - and weakening rebellions (height of green histogram).
5. RSI has fallen below 50 - not a good sign (price less likely to move north).
6. A high cross on of AroonUp over AroonDown - suggesting the bears are more likely to have time in the market (time momentum) - if they continue to dominate for the next 7 days.
In essence the combination of the above indicators cohere to point to more down side. How far? I have no crystal ball.
To be clear, every probability in one direction sits with a probability for the other direction.
In the last two weeks, I've seen Ethereum correlate inversely on smaller time frames, with the strength of the Yen.
So, I'm stalking this index for what else might happen on other stock indices and anything Yen.
Note
See also NAS100USDNote
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