The Japanese benchmark Nikkei 225 index extended its reaction from the May peak (15942.6), and correction from overbought, today. However, some intraday support is evident at 15112.5. It is possible that old resistance from the previous highs in the 15000 region is starting to convert into support. We watch to buy should this turn out to be the case, especially if it occurs on an upward dynamic (see also hotline for 4 December).
The Japanese Topix 2nd Section index has traded over the May ceiling for some time. This market also corrects from overbought, though a more gradual drift is noted here. Watch to see whether uptrend support at will arrive at the 50-day moving average again.