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May 17, 2023Yesterday ended at 29,843; during today's session the Nikkei rallied above 30,100 for the first time in 1 year, gaining 257 points and closing at 30,100.
This move comes while some more positive signs for the Nikkei are out as Japan GDP beat analyst expectations of 0.1 and the previous reading of zero with new data of 0.4.
At the same time, Japan Industrial Production beat the 0.8% projections, with 1.1%. Japan GDP beat the 0.7% projections, with 1.6%.
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 29,922, this is a slight indication of a slowdown.
Technical analysis suggests there could be an imminent reversal for the Nikkei.
Other markets are also showing gains as Dow Jones increases 1.27% today and closed at 33,000. S&P 500 is trading around 4,160 after ending today's session at 4,110 (up 1.22% today).
At the same time, Hang Seng drops 2.09% today and closed at 19,978.
Elsewhere, Japan Exports projected to come out at 3% — worse than previous data of 4.3%; data will be released today at 23:50 UTC. Japan Trade Balance (Apr) is expected today at 23:50 UTC. Japan Adjusted Trade Balance scheduled to come out today at 23:50 UTC. Japan National Core CPI (YoY) (Apr) is scheduled for tomorrow at 23:30 UTC.
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 193,434%.
