-265 points from the highs. +55 from the lows.
Wilshire Total Market Index:
In the past two weeks, the S&P has had three short-covering rallies, and yet is down 80 points in two weeks. This latest rally was off of the lows set in January (left)...
S&P (black) with Yen (red):
The Japanese Nikkei was hammered again overnight, as Japan's banks are getting obliterated by negative interest rates. In addition, exporters are blowing up due to the strengthening Yen. The BOJ's Kuroda indicated this week that if markets don't improve, he will be forced to lower interest rates further.
You can't make this shit up...
Japanese Financials (currency hedged ETF):
That got me wondering where the Nikkei is relative to JPY:
The "good news" is that the Nikkei is at the support level I flagged previously. The bad news is that JPY is 9% above it...
In summary, the S&P lags the Yen. The Yen lags the Nikkei, and the biggest wrecking ball on the planet, the Yuan, lags all of them...
Yuan versus Yen:
