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The lower inset chart reflects that the Nikkei has had a good 30 days, as its up 10.6%. That’s a nice 30 day move for a major index! The S&p 500 over the same 30 days is up 4.5%.
From a bigger perspective, this key index remains just below a resistance line that has been heavy for it over the past 20 years. Numerous times its tried to breakout and failed. The strong rally over the past thirty days is bringing it nearer to resistance again.
Joe Friday… I would follow a breakout if the Nikkei accomplishes it!