Nikkei 225 futures turning lower now

Following on from the previous two updates, looking at technical levels on the Dow Jones and the Nasdaq 100, let us now turn our attention to the Nikkei 225. The Japanese index was entirely front and centre of the meltdown that took place at the beginning of August. That saw an amazing slide, from what was a record high set on July 11, at 42,426 to a low reached on August 5 at 31,156. That more than 26% slide, which effectively took place in just two trading days was brutal, but since basing on August 5 at 31,156 the index has been on the rebound and that rebound has delivered a similar move higher in the USD/JPY (as to be expected). Well, earlier today the Nikkei lifted back above 38k for the first time since that low. The index reached a high at 38,143 and in the process nailed a 61.8% rebound to that whole move. The price point for that was at 38,121. So, as you can see it nailed it and now the Nikkei 225 futures are backing away and that is having a slightly negative impact on the US opening calls now. The Nikkei is right now priced to reopen on Monday at around 37,730