Trade Setup: The Nikkei is a Clear Sell
With some public holidays in parts of Asia today, I expect markets to be a little quieter. However, that gives us a chance to take a look a
With some public holidays in parts of Asia today, I expect markets to be a little quieter. However, that gives us a chance to take a look at some of the longer term possibilities. Equities in the U.S. have been on an absolute tear and are hitting record highs.
Similarly, the Nikkei has risen off the canvas to rip all the way up to 20,000 and beyond. As it currently stands though, the Japanese Index is having trouble pushing through 20,420.
I’m happy to open a short position at this level and look for price to fall back down. I am expecting that to go hand-in-hand with U.S. equities as they are getting overheated in the short term. Of course, we have non-farm payroll data out this week, which is a big market-mover. However, as a longer-term play, I will be short from 20,420.
Nikkei – 240 min Chart.
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