Nikkei and Asian markets ended higher today as traders await the developments in trade negotiations between China and US which are scheduled to start in early October. The Hang Seng trading 0.25 per cent higher at 26,287, the Singapore Straits Times index finished 0.33 per cent higher at 3,152, and the Shanghai composite ended 0,28 per cent higher at 2,985. Aussie stocks finished flat; the ASX 200 ended 0.01% lower at 6,748 ahead of a key speech by RBA governor Philip Lowe.
Nikkei 225 finished 0.09% higher at 22,098 getting a boost from Japan Leading Economic Index which came in at 93.7, topping forecasts of 93.6 in July, the Japan Coincident Index came in at 99.7 below forecasts of 99.8 in July, while Japan Jibun Bank Manufacturing PMI dipped from previous 49.3 to 48.9 in September, the lowest since June 2016.
The Nikkei continues north for the fourth consecutive trading session but failed to make higher high today. On the upside resistance for the Nikkei 225 stands at 22,168 today’s high, a break above, perhaps will set the stage for a move up to 22,180 the high from May 7th, which will open the way for a move up to yearly highs. On the downside immediate support stands at 22,077, today’s low and then at 21,922 the 100-day moving average. A break below that level might accelerate the selloff down to 21,321 and the 200-day moving average.