The USD/JPY collapsed today taking the markets with it. As you all know, the markets are pegged to this chart and today is no different. After a solid gap higher, the markets fell with as the Dollar/Yen fell. So there has been no stop in the selling at this point as the indexes are down over half of one-percent.
This break in the Dollar/Yen is a big negative for the markets. While it is only an initial minor sell-off, should the Dollar/Yen continue to collapse, the markets will not be able to curtail their selling. Watch for follow through tomorrow. If we see it, expect a top in the market and a large pullback.