Indices appear to have stabilised for now, with gains in both US futures and in the Nikkei 225.
The index has recovered from the lows seen last week, after nearing the 200-day SMA. For the moment, the pullback from the October highs is still in place and leaves the bearish view intact for the short-term. A close above 14,400 would suggest that the buyers remain in control, and a bullish daily MACD crossover would bolster that view.
Monday saw the index surge back towards 33,000, after a drop on Friday to fresh seven-month lows. Having moved back above the early October low, the index now looks in more short-term bullish form. The 200-day SMA and the 34,000 highs from early October now come into view. Once more the price has begun to rally from the 30,500 area, in a similar move to that seen at the beginning of the month. In the short-term a rebound targets trendline resistance from the September high, and then the October highs around 32,500. Beyond this, gentler trendline resistance from the June highs comes into view.
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