Asian markets are trading lower on NAFTA and escalating Chinese trade tensions. US has planned to impose further $200 billion tariffs in the first week of Sep. Emerging markets stocks and currencies are under pressure especially Turkey and South Africa.US ISM manufacturing index climbed to 61.3% in Aug fastest pace in 14 years.US markets has closed slightly lower with Dow Jones 25952 (0.05% lower) and S&P500 2896 (0.17% lower). US futures are currently trading slightly lower with Dow Jones 25982 (0.04% higher) and S&P500 2896 (0.01% higher). Nikkei is trading around 22643 (0.28% lower).
USD/JPY recovered more than 100 pips from low of 110.68 and is currently trading around 111.56 (0.11% higher)..
On the lower side, index near term support is around 22650 and any break below will drag the index down till 22526/22407 (200- day MA)/22200/22000. The major long term support is around 21750.
The near term resistance is around 23040 and any convincing break above will take the index to next level till 23200/23480.
It is good to sell on rallies around 22800 with SL at 23040 for the TP of 22400.
