Technicals turn first-Fundamental reasoning follows

The Yen is running the show. I went through all the Yen FX crosses to show you how AUD/JPY and MXN/JPY (thanks to heads up from Yra) is mirroring and confirming the highs in the U.S. indices.

Capital flow is the game and you can’t see it unless you follow the currencies and world Bond markets.

Follow the Yen. The 1998 Intervention levels are back in play! match up with your work.

Spoo has a target app 160 points lower. The whole board will revolve around USDJPY @ 152 into its 200 DMA @ 151.50.

As the yen strengthens the rest of the world’s risk asset are headed to the toilet.

Having said that the Yen and all Risk assets can find some footing for a bounce.

This is not the low in the indices.

Put on your trading hat and make money.