Watching Japan's Nikkei Stock Futures Index

My last post of December 1st on Japan's Nikkei Stock Futures Index, NKD, refers: http://strawberryblondesmarketsummary.blogspot.com/2011/12/capital-spending-shrinking-in-japan.html For a summary of why I've written a number of posts about this index in the past, I'd urge you to take a quick look at that post.

At the moment, the NKD is trading lower in overnight trading as shown on the Daily chart below. A break and hold below the last swing low set on November 25th could send it plunging...this could set the tone for U.S. Major Indices to follow. (Other Asian markets are down as I'm writing this, as well.)

Below is a 4-hour (market hours only) chart...price has filled 4 out of 5 gaps since its recent decline on increasing volumes...at the moment, it's sitting on the 5th gap, which is very large (235 points)...we'll see if some or all of it gets filled soon.