Was today's (Friday's) world-market rally serious and sustainable, or simply a knee-jerk reaction to Japan's surprise NIRP (negative interest rate policy) announcement last night (including some shorter-term short-covering action) and "end-of-month window dressing" by fund managers?
Perhaps the following update to my last post will provide some further insight into that question, as I review a variety of markets.
YM, ES, NQ, TF and NKD E-Mini Futures Indices:
The following Daily Heikin Ashi candle chartgrid of these E-mini futures indices shows a potential bullish reversal pattern as of today's close. We'll need to see a higher closing candle on Monday to confirm that a continued rally is possible.
The following Weekly Heikin Ashi candle chartgrid of these E-mini futures indices does not yet show a bullish reversal pattern. However, the NKD (Nikkei E-mini Futures Index) has paused in its downtrend, so it's hinting of a possible turnaround. We'll need to see how next week closes before rendering a position on a weekly timeframe.