Short-term trendline support from early February continues to underpin the price, while below this comes trendline support from late October, and then the 50-day simple moving average .
As with other US indices, the S&P 50 continues to push higher, seemingly oblivious to any potentially bearish conditions such as a lack of rate cuts or weakening market breadth. Recent weakness petered out around 5050, so a move below here might indicate some further short-term downside. The Nikkei 225 has seen a dramatic pullback over the past four sessions, due to rapidly changing expectations around the Bank of Japan’s nextmove.Further declines would take the price on towards the 50-day SMA, or down towards 37,000 and the January high.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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