The Nikkei erased gains after record high, closed at 33,370

33,700 is where the Nikkei ended Friday; it reached a record high of 33,773 today, changed by 402.47 points and closed at 33,370.

The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The Nikkei's upper Bollinger Band® is at 33,600 which indicates a further downward move may follow. In contrast, the Nikkei reversed direction at 33,338 support zone and climbed 32.67 points above it.

Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for the Nikkei.

In the meantime, negative performances are also seen in other markets, CAC decreases 1% today and closed at 7,388.65. DAX slumps 0.96% today and closed at 16,358.

Positive performances can be seen by looking at other markets as ASX 200 is trading around 7,295 after ending today's session at 7,251.2 (up 0.6% today).

Furthermore, Japan Industrial Production projected to come out at -0.4% — worse than previous data of 1.1%; data will be released tomorrow at 04:30 UTC. Japan Monetary Policy Meeting Minutes is scheduled for tomorrow at 23:50 UTC.

The index has been trending positively for about 2 months. The Nikkei has recovered 218,500% since descending to a significant low of 15.42 around 9 months ago.