Two weeks ago today the Power of the Pattern shared that the Nikkei had lost between 30% to 60% of its value, 100% of the time over the past 20 years, when up against a certain resistance line! (see post here)
CLICK ON CHART TO ENLARGE
The Nikkei has been the lead dog, as one month ago it had made almost 50% more than the S&P 500 over the past year. The price action in the Nikkei has had its influences on the rest of the global stock markets.
Members took some gains off the table, due to the Nikkei hitting its 50% Fib level.
Interview discussing why the Nikkei is so important (see interview here)
Joe Friday... The Jobs report coming out in a few minutes is for sure important. What the Nikkei does at its 50% Fibonacci retracement level is very important as well, for the upcoming important moves in global stock markets!
If the Nikkei fails to hold at its 50% Fibonacci level, odds are high it puts downward pressure on the S&P 500!