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The charts and comments in my Blog (posted in Eastern Time) represent my technical analysis and observations of a variety of markets...
*World Indices *U.S. Indices *Futures *U.S. Equities & Sectors *ETFs *Commodities *Forex
...an expanded version of the "Observations" section in my private Daily Trading Journal.

*** N.B. to my readers: Although I stopped trading in July 2013, I still take a peek at the markets now and then and post the occasional article here on my Blog.

Paris

Paris

Important Updates on World Market Index

*** N.B. Important updates (the latest one is May 22nd) on World Market Index found at this link...

EVENTS

UPCOMING ECONOMIC EVENTS...
* Mon. May 25 ~ U.S. Holiday: Memorial Day...markets closed
* Fri. May 29 @ 8:30 am ET ~ GDP + last trading day of the month
* Wed. June 3 @ 2:00 pm ET ~ Beige Book
* Tues. June 16 ~ 2-Day FOMC Meeting begins
* Wed. June 17 @ 2:00 pm ET ~ FOMC Meeting Announcement + 2:30 pm ~ Fed Chair Press Conference + FOMC Forecasts

Thursday, February 09, 2012

Watching Japan's Nikkei Futures Index

Data released tonight showed another monthly decline in CGPI y/y (change in the price of goods sold by corporations) in Japan. This level is approaching zero and is in danger of falling into negative territory, as it did in 2009.

Since it's a leading indicator of consumer inflation, this suggests that Japan's inflation is teetering on deflation...one to watch for future month's releases.


The Daily chart below of Japan's Nikkei e-mini futures index, NKD, shows that price has pushed above a major downtrend line from the July 2007 high (broken green) and has stalled today at the declining 200 sma (broken pink). Price is sitting just below 9100 (red), which represents price resistance, through which it declined on August 8th, 2011, the Monday after Standard and Poor's downgrade of the U.S. credit rating.

It will be interesting to see if near-term support holds at 8910ish or if near-term resistance holds at 9100...a solid break and hold below/above these levels on sustained volumes should set up the next move for this index.