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.
Premium & Sector/Commodity Extreme members established short Nikkei positions two weeks ago today, by purchasing EWV, when the Nikkei was dealing with the 20-year resistance (1) in the chart above.
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!