Quick Market Update

I'd say this is probably pretty close to an intraday low for the moment, perhaps a bit more, but there should be some effort to fill the gap.

While the gap doesn't need to be filled right now if the short squeeze move expected next fills it in a few days, the point is still psychological and not many shorts are going to want to chase 1+% gaps down, the point is to get the shorts on board so filling the gap or making an effort is giving the shorts a second chance if they didn't take it yesterday, that's about all the utility I see in it as long as we still have the longer charts still saying a short squeeze is the highest probability move to follow the completion of this one.

I do think we will likely see lower prices across all of the assets we are involved in, most likely today, we still have a LOT of time today and nothing is going to move in a straight line, especially after a gap down opening like that.

Still, the USD/JPY is the main risk asset to watch as it is and has been throwing this market around like a rag-dolll for at least the last several weeks on an intraday basis and the last 2 months on a directional daily basis.