Tools for Traders Top Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action Insight Daily Report: Global Markets Crash, Yen Surge as US-China Trade War Starts US stocks tumbled sharply in the final hour of trading overnight, taking out key support levels in the wake of the start of US-China trade war. DOW closed sharply lower by -724.42 pts or -2.93% at 23957.89 overnight as fear of trade war intensified. S&P 500 was down -68.24 pts or -2.52% at 2643.69. NASDAQ also dropped -178.61pts or -2.43% to 7166.68. Selling continues in Asia with Nikkei trading down -4.4%, or near -950 pts at the time of writing. Hong Kong HSI is also losing -3% or over -900 pts. In the currency markets, Dollar is under broad based selling pressure and is trading all in red against others for the day and the week. Yen rides of strong risk aversion and is trading as the strongest one since yesterday. In particular, USD/JPY's firm break of 105.24 support now open up the case through 100 handle. Technical Outlook USD/JPY Daily Outlook Daily Pivots: (S1) 104.99; (P) 105.53; (R1) 105.82; More... USD/JPY dives to as low as 104.63 so far as decline accelerates. Firm break of 105.24 support confirms resumption of decline from 114.73. Such fall is part of the whole pattern from 118.65. Intraday bias now stays on the downside for 100% projection of 118.65 to 108.12 from 114.73 at 104.20 next. Sustained break there will pave the way to 98.97 (2016 low). On the upside, break of 106.63 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery. Suggested Readings Symmetrical Triangle Forming On The Nikkei Safe-Havens Surge As Fear Grips Global Markets China Is Not Backing Down , And Why Should They ? BoE Still on Track for a May Hike Canada's CPIs and Retail Sales May Help the Loonie Regain Some Poise Economic Data
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