Where are the stock markets going now : NIK Japan and HSI China week and day now Friday 05:55. How NIK goes is of very big importance for the US indexes according to CNBC - in long discussions after close last night.The daily bar that fell seven percent Thursday, a record drop, was not just profit taking. According to me that bar is a Key Reversal and the uptrend should be over. Today's recovery so far is is only partial. See the day chart and you will see a higher opening from the day before and a lower close. No one said anything about that fact.. Next week I expect NIK and HSI to start falling after initial trials on upside that will not threaten the tops. HSI week trend is slightly up but the 8 MA is below the 21 MA, a clear sign that a break will come on downside.