A.M. Update

With Asia closing green and Europe fairly deep in the red, futures are down on the USD/JPY which has been one of our near term expectations, but nothing moves in straight lines. My initial take is that there are enough positive divergences in the Index futures to at least try for a gap fill and the yen looks as if it could pullback, bouncing the USD/JPY which is sitting above the 115 level.

 USD/JPY-the story is algos are taking profits on the marking up the same headline over a period of 4-days, but the USD/JPY forward looking weakness has been apparent long before the headlines.

 ES looks like it could bounce on the cash open.

As does TF.

NASDAQ futures are closer to in line or downtrend confirmation.

We'll see what the market looks like into any bounce attempt, but the message of the market yesterday was clearly weakness.