The Nikkei has been on an absolute tear over the last few sessions. Along with the US, we’ve seen a rally from the lower support level at 19300 all the way through 20000 and now at 20300.

I’m not one to try and step in front of a freight train, however, it does appear that we are coming to a near-term top. I wrote yesterday about how I felt the SPX was reaching a near-term high. I still think that’s the case and I suspect the Nikkei might follow suit.

Of course, there is a lot to play out with the FOMC and what they have in store for us with their ‘Quantitative Tightening’. But for me, this might be an opportunity to look to short the Japanese Index.

Nikkei – 240 min Chart