In particular, the USD/JPY and the EUR/CHF pairs. In the case of the former, the dollar has sold off against the yen to the tune of 160 pips since the Nikkei opened overnight, and in with regards to the latter, the Euro sold off below 1.30 support overnight, currently trading at 1.2938 against the Swiss Franc. No time right now to post charts, but if you want to track these and other currency pairs yourself, go to [forex-markets] and you can pull up the charts yourself.
I bring this up, as big moves in the currency markets have lately been a precursor to big moves in the equities markets....especially the USD/JPY....and the moves made overnight would imply a negative move for stocks today, unless we see some central bank intervention.
On the optimistic side, today marks the last day of the month, which is usually bullish, and we should typically see a lot of buying by the fund managers in stocks that have been performing well this month so when they publish their August report, it will at least appear like they've been positioned correctly. A little slight of hand called end of month window dressing....
Good luck trading.
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