Last night we looked at several charts of the single currency Euro futures vs the Yen futures and I explained that it wasn't one had to go up and one down, the first is long and the second is short, it's a matter of relative performance between the two.
We also saw how tightly correlated the market was to EUR/JPY and the 5 min and 15 min negative divergences in all of the Index averages.
ES 1 min...
Here's what happened last night to bring ES futures from a 4 pm print of 1799.75 to this morning's low of 1792.
Yen single currency rises since midnight....
EUR/JPY starts to fall around the European open
As does the tightly correlates EUR/JPY vs ES relationship (ES in purple).
It's about as simple as that. For more color, see last night's daily wrap.
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