Today at a glance: a quiet day for the Nikkei as it remained range-bound within a 27,426 – 27,532 range before closing at 27,532.
Technical analysis trend indicators suggest that Nikkei made an initial breakout above its 21 day Simple Moving Average at 27,500, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that the Nikkei's upper Bollinger Band® is at 27,747, suggesting that a downward move may follow. Technical chart analysis shows the Nikkei is approaching key support, around 148.08 points away from 27,384. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls.
Overall, technical indicators suggest the Nikkei has no obvious direction for the immediate future.
While the Nikkei was pretty flat today, mixed performances were seen elsewhere as Hang Seng goes up 0.81% today and closed at 20,720. Nasdaq lost 0.58% today and closed at 11,856. Dow Jones added 0.39% and closed around 33,700 today.
Data to be released tomorrow might clear up some of the market fog as Japan Services PMI is expected tomorrow at 00:30 UTC.
The index has been trending positively for about a month. The Nikkei is now trading 178,325% above the significant low (15.42) it slumped to 5 months ago.