Watching that yen...

This chart shows the technical action in Japanese yen futures. A move higher means the yen is rising in value against the dollar. It looks like we made a clean technical break, tested that breakout, and held.

I won't go so far as to say this is the ONLY chart that matters right now. But I do think it's extremely important because it's a proxy for the "add more risk/cut risk" fight going on in the market. Further yen gains would signal to me that investors are more fearful than greedy, and that risk reduction will rule the roost.