The Nikkei hits new all-time high at 31,556

After closing at 31,148 Thursday, the Nikkei gained 376.21 points yesterday and hit a new record high of 31,556.

At the same time, Japan CFTC JPY speculative net positions released yesterday at 20:30 UTC with a figure of -96,200, while the previous figure was -80,700.

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 31,782, this is a slight indication of a slowdown. The Nikkei could be slowing down soon as it approaches resistance at 31,500. Of course, crossing it might suggest further gains are ahead.

Technical analysis of the Nikkei price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.

The Nikkei shows positive signs, other assets are also on par: Hang Seng leaps up 4% yesterday and closed at 18,217. Notably, Dow Jones rose 2.12% yesterday and closed at 33,062. Notably, FTSE rose 1.56% yesterday and closed at 7,490.27.

The index has been trending positively for about a month. The Nikkei hit a significant low of 15.42 around 8 months ago, but has since recovered 201,900%.