While the Dow made gains and the Nasdaq 100 surged to a fresh high, the Nikkei 225 failed to build on Monday’s rally off the lows.
The index rallied on Monday, helping to stem the declines of the past week. Friday witnessed a bounce from rising trendline support, and now the price targets trendline resistance from the May record high.A close above trendline resistance and above 39,000 puts the index on course to test 40,000 once more. A reversal back below trendline support and below 38,300 would see a more bearish view emerge.
Further gains head into fresh unexplored territory. In the short term, a close back below 19,500 might indicate that a high has been reached for the time being.remains well off its recent highs, though Monday saw the index recover off the lows around 38,000. However, there has been little follow-on overnight, and the index has slipped back below the 50-day simple moving average . In the near term, any bounce will target last week’s highs around 39,000.
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