While the Dax and S&P 500 are awaiting US inflation data today, the Nikkei 225 continues to retreat from its recent record peak.
Short-term trendline support from early February continues to underpin the price, while below this comes trendline support from late October, and then the 50-day simple moving average .
As with other US indices, the S&P 50 continues to push higher, seemingly oblivious to any potentially bearish conditions such as a lack of rate cuts or weakening market breadth. Recent weakness petered out around 5050, so a move below here might indicate some further short-term downside. The Nikkei 225 has seen a dramatic pullback over the past four sessions, due to rapidly changing expectations around the Bank of Japan’s nextmove.Further declines would take the price on towards the 50-day SMA, or down towards 37,000 and the January high.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
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