Tokyo's Nikkei Index Dives 3% After Global Market Slump By AFP - Agence France Presse September 8, 2024 Order Reprints Print Article Text size Tokyo's Nikkei index shed more than three percent on Monday, after weaker than expected US jobs growth and speculation over a Fed rate cut caused global markets to slump. The benchmark Nikkei 225 was down 3.02 percent, or 1,098.77 points, at 35,292.70 in early trade, while the broader Topix index fell 2.67 percent, or 69.28 points, at 2,528.14. The dollar fetched 142.60 yen, against 142.29 yen on Friday in New York. "Japanese markets are expected to start with a significant decline due to losses in US markets as well as caution over the strong yen," said senior market analyst Toshiyuki Kanayama of brokerage Monex. Japan's currency has recently picked up on bets of a US Federal Reserve interest rate cut and growing expectations that the Bank of Japan will continue to raise its own borrowing costs. US jobs data came in below analyst estimates on Friday, pointing to a slowing economy and causing shares to tumble. "Global jitters and a suddenly stronger yen are dragging down the index, further compounding the risk-off mood gripping markets," said Stephen Innes in his Dark Side Of The Boom newsletter.
Friday Close on ES was 5415-ish. Sunday 8PM 5431-ish. +15. Which is also the Top of Range from Friday PM 5410 is Fridays lows. Check the bounce right at the 1:12 close Friday for something like the 5th test at that level. So we know it is there. Since 31 is also top of PM range on Friday. it is range bound by definition. Bound by 21 points, which is a medium amount of range, for range bound over a weekend. Those are the facts sir. Ready to trade Monday.
crap entry. I'm still in this as my system hasn't switched yet. In fact I could have added too it which would have been good so far, but i'm trying to get out of the habbit of adding to losers too much! Probably have to put a stop in now though at the LOD.