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June 05, 2023After closing at 31,524 Friday, the Nikkei gained 693.21 points today and hit a new record high of 32,217.
Meanwhile, Japan Services PMI released today at 00:30 UTC with a figure of 55.9, while the previous figure was 55.4.
Nikkei has crossed the upper Bollinger Band® at 31,956, a potential sign that further gains are to follow. Despite this, 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.
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 ASX 200 ascends 1% today and closed at 7,145. FTSE is trading around 7,644.53 after ending today's session at 7,607.28 (up 0.49% today). Hang Seng ascends 0.84% today and closed at 18,950.
Also worthy of note, Japan Household Spending (MoM) (Apr) is expected today at 23:30 UTC. Japan Household Spending (YoY) (Apr) scheduled to come out today at 23:30 UTC.
The index has been trending positively for about 2 months. The Nikkei hit a significant low of 15.42 around 8 months ago, but has since recovered 204,337%.
