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July 01, 2023
A quick look at yesterday: the Nikkei ended the session around the 33,200 level today, after Thursday's 34.14 points decline and close at 33,234.
This uncertain state for the Nikkei is reflected by published market data as Japan CFTC JPY speculative net positions released yesterday at 20:30 UTC with a figure of -112,900, while the previous figure was -107,700.
Nikkei made an initial break below its 10 day Simple Moving Average at 32,900, a possible indication of a forthcoming negative trend. In contrast, the Nikkei is approaching key support, around 386.7 points away from 32,800. 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.
Despite the market lacking direction, technical chart analysis strongly suggests the Nikkei is positioned for a downward move in the near term.
While the Nikkei was pretty flat yesterday, mixed performances were seen elsewhere as CAC moves up 1.19% yesterday and closed at 7,312.73. FTSE is trading around 7,531.53 after ending yesterday's session at 7,471.69 (up 0.8% today). Notably, S&P 500 rose 1.23% yesterday and closed at 4,396.44.
Data to be released Monday might clear up some of the market fog as Japan Tankan Large Manufacturers Index (Q2) scheduled to come out tomorrow at 23:50 UTC. Japan Tankan Big Manufacturing Outlook Index (Q2) will be released tomorrow at 23:50 UTC. Japan Tankan Large Non-Manufacturers Index (Q2) is scheduled for tomorrow at 23:50 UTC.
The Nikkei hit a significant low of 15.42 around 9 months ago, but has since recovered 215,426%.
