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Nikki 225 vaults 40k for the first time ever

The higher closes in the US on Friday propelled the Nikkei 225 futures to price a reopening for today. At one point the Nikkei futures were pricing that at close to 40,300. The record high for the index was set on Friday at 39,990 and it closed out last week at 39,910. Well, today the index has now lifted above 40k in Tokyo trading, reaching a new all time record high so far at 40,314. I said some while back; that the rise above the previous record at 38,957 was going to extend and it remains to be seen just how far that might ultimately take it. Technically, the Nikkei 225 is in a fifth and final super cycle wave (just as with the Nasdaq 100 and S+P 500). More usually this would extend 1.618 times the length of wave 1. That suggests somewhere around 47k might be the final destination. However, beyond the technical picture, the 3 things that will really determine that are- The US markets, Japanese monetary policy (next meeting March 19). Meantime, the Nikkei 225 has drifted back a little from that record high, currently trading at 40,109 into the close 
 

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