Where are the stock markets going now : SP500 is following NIK in every move in Japan today. SP500 did make a rally but closed at 1.650 which is too low. It did hit 1.655 but could not get above it. This morning until now it seems to give up since NIK is falling. The 8 MA seems vulnerable on upside and the 21 and 34 MA:s so far has control over the down trend. Right now - even though it is early it is possible that a new test of 1.634 will happen today and if so there is a risk for a downside break. If that happens a Black Monday will be in the cards. It is worth mentioning that the daily 8 MA has turned down - but just a little - for the first time since early April. But it can rise again and the day is long.