01-07-2008, 02:31 AM
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Status: Super Moderator Join Date: Aug 2006 Location: Tokyo Thanks: 545
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| January 7, 2008 Outlook YM
Chart below shows Nikkei close as of 3:10pm January 7, 2008. The key bar is highlighted. The fact that they took it lower to finish near the lows of the day is extremely important. This close is also below the 1/04/08 low. This information provides me with a possible short bias for the US session.
The Monday price action of the Nikkei may be a reaction from Fridays US trading session. However, price action shows weakness as the Nikkei gapped lower, tried to push back into 1/04 range and value but rejected. 
Taking a look at YM below, a couple of opportunities exist at VAH/IB low confluence area around 12940-19250. 13050 is another key resistance level. These levels will be of key interest for me on the short side. For additional analysis refer to the videos posted here. 
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