​​​​​Dax and S&P 500 Moving Higher, while Nikkei 225 Pullback Pauses

​A move back to the 50-day SMA would mark a 5% drop from current levels and would feel like a dramatic event given the current gentle rally.Retail trader data shows 12.89% of traders are net-long with the ratio of traders short to long at 6.76 to 1. The number of traders net-long is 25.39% higher than yesterday and 7.83% lower than last week, while the number of traders net-short is 0.73% lower than yesterday and 3.02% lower than last week.

​The price continues to trade above trendline support from both early January and the October low. If these are broken, then a pullback may develop. ​The pullback from the highs has been stayed for now, buyers are entering around 38,300.​A close back above Tuesday’s high at 39,220 might help to suggest that the pullback has run its course, though with the Bank of Japan decision next week some skittishness may persist.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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