Pre-Market

Japan, after another 400 point high to low swing today, is in an official "Media" bear market, meaning a decline of 20+%, a bear market is actually classified by trends and waves (not Elliot), that's why I say, "Media".

Not much was happening in Europe except the ECB decision which was still not much as they didn't cut rates as was expected.

The Index Futures marched steadily higher all night (despite the USD/JPY being all over the place), strangely so in fact and ES was 10 points higher than yesterday's 4 p.m. close until 30 minutes before Initial Claims came out this morning printing at 346k vs consensus of 345k, a very strange print so close to consensus, many people think it was done purposefully so there would be no hint about tomorrow's NFP number and thus, "What the F_E_D may or may not do", but for now, ES lost all the overnight gains over the last hour and is now around the levels of yesterday's 4 p.m. close.

As of this VERY moment, ES seems to be finding some support right at that level, but we still have 20 mins. to go.

We still have a large divergence with ES lasting all this week. Right now, I'm expecting some stomach churning volatility, Japanese style.

ES 15 min all week

The market is really about the USD/JPY at this point and whether there's a short squeeze there, but it is interesting that ES marched straight up all night with USD/JPY zig-zagging all around, this was what yesterday's expectation was and would have opened us with a sizable gap up this a.m. so I'm naturally curious to see what happens as it seems the invisible hand was there and most likely still will be.

We'll know soon enough.

Oh and Chine has a 6-day losing streak, the biggest in a year.