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March 04, 2023
Yesterday at a glance: after finishing Thursday at 27,500, the Nikkei went up to 27,961 before paring its losses and closing at 27,927.
Meanwhile, Japan CFTC JPY speculative net positions released yesterday at 20:30 UTC with a figure of -29,100, while the previous figure was -20,100. Japan Services PMI came out at 54, while a consensus of analysts was expecting 53.6.
The MACD index is indicating that momentum is shifting from bearish to bullish following a positive crossover. When the MACD rises above the signal line, it is typically considered to be a bullish development favoring long positions. In contrast, the Nikkei could be slowing down soon as it approaches resistance at 28,041. Of course, crossing it might suggest further gains are ahead. The Nikkei's upper Bollinger Band® is at 27,920, this is a slight indication of a slowdown.
According to technical analysis, it looks as if the Nikkei likely to continue pointing upward in the short term.
Other markets are also showing gains as S&P 500 went up by 1.61% yesterday, and closed at 4,045.64. Nasdaq is trading around 11,700 after ending yesterday's session at 11,463 (up 1.97% today). DAX is trading around 15,578 after ending yesterday's session at 15,328 (up 1.64% today).
The index has been trending positively for about a month. The Nikkei has recovered 178,232% since descending to a significant low of 15.42 around 5 months ago.
