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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

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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.