Market Panic during this CNY?
Two markets are closed for this entire CNY week: China & Taiwan.
What happened to the other markets?
Basically, the bears turned their attention to the Western markets, with special aggression to European markets & NK. Share with you these few points to note:
1) 3 markets extended further losses from their peak: Nasdaq, DAX & NK, losing 19.5%, 29.8% & 29.5% respectively.
Nasdaq is at her borderline mark of declaring bear market (-20%)
2) Bears in 4 markets attacking their 2015 lows (blue dash lines) again, and NQ & SP ended with Hammer again, at level.
3) Note that 7 markets are still in very fearful emotions (Weekly). They have NOT been able to close above their EmoLines, yet. I'll draw a red horizontal arrow to monitor these genaral markets' sentiment. So when you look at this post, you would know the meaning of these red arrows.
Also, for these 7 markets, their TY-RL lows are NOT formed (except for Dow), meaning, market takes new low within next 3 candles.
4) Weekly EmoLines are still opening wide, so EXPECT VOLATILITY (wild swing).
e.g. NK can drop 1000 points, and recover 400 points, before plunging to take new low, and then reverse with another deep pull back.
This IS the characteristics of markets when EmoLines are wide !!!
NK Daily: This has been NK's WORST week in many years ... She lost about 1000 points, week-to-week
I've been mentioning, NK reacts strongly to the YEN, so this is how the YEN has strengthened against the greenback, to give you an idea why NK plunged so much this week.