ridethepig | Nikkei Market Commentary 2020.09.19📌 The Nikkei would have freed some space to the downside with a technical break last week, but given that we have not pierced the support line and buyers are still well-placed we must be wary of a retest in the highs of the multi year top at 24,000 - the same level we have been tracking since 2018!!
The more interesting notion comes from the Global Equity board with breaks being led by NY and following through with Europe on the quadruple witching flows.
A simple move here would be playing the breakdown for a quick test of the 200 day MA which is +/- 22,000 and on the other perhaps opening up the panic leg towards the lows at 20,300 if the rest of the flows play along. Any moves to the topside lack conviction and the RSI destroys all winning chances for buyers as we approach the highs.
Thanks as usual for keeping the feedback coming 👍 or 👎
