For the second Thursday in a row, the Nikkei 225 ($NIKK) fell over 5% and extended its correction. While the decline from 15900 looks dramatic, it is still just a correction within a bigger uptrend and pales in comparison to the prior surge. The November trend line and broken resistance mark first support in the 13500 area. Next support I near 12500.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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