Both S&P and
Nikkei futures are moving higher at the moment but larger pattern and five
waves down from latest highs suggest that rally is only corrective and part of
a bearish structure. Resistance for Nikkei comes in around 15000. On the
S&P traders should keep an eye on 1654 level; if broken on a daily close
basis, then bears should take control in sessions ahead which will send USD and
JPY higher against its rivals. In such case we will be looking for USD Long
set-ups, probably against the EURUSD, which is looking corrective from 1.2795.
S&P 500 1h
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