Markets in turmoil
We are seeing some flows in the major markets:
- Stocks are back at the lows with the Nasdaq down -3.2% and the S&P down -2.55%
- Yields are at lows for day with the 10 year yield down to 3.07%. The high was up at 3.115%
- The dollar is seeing a bit of a reversal and clawing back earlier gains vs the risk currencies like the AUD, NZD and CAD. The dollar is now near unchanged vs the EUR, GBP, and CHF. The USDJPY remains the flight to safety flow recipient.
- Gold is now up near $5 at $1237
Lots of flows and volatility as fears grip the markets.
Looking at the USDJPY, the pair is testing its 100 day MA at 111.55 area. A move below (and staying below) would have traders looking toward 111.39 and then the 38.2% at 110.747 on the daily chart.
