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Nikkei 225 Prints 30-Year High After Trump Approves Covid Relief Package


The Nikkei 225 has crossed above the 27,000 mark for the first time since Apr 1991, boosted by a positive session at Wall St. seen after U.S. Pres Trump signed off on a Covid-19 relief package, despite his earlier threats to the contrary. Reports suggesting that Pres-elect Biden would take action to boost Covid-19 vaccine production further aided risk appetite. In the U.S./Asia crossover, the House of Reps voted in favour of Trump's proposal re: stimulus checks increase, sending it to the Senate, creating a conundrum for Republican Senators.

  • The index managed to establish itself above the 61.8% recovery of its 1989 - 2008 slide (26,748). Today's jump allowed it to challenge the upper bound of an ascending channel drawn off the 2012 low, intersecting at 27,074. A close above there would reinforce the bullish case. Meanwhile, longer-term topside focus falls on the 76.4% recovery of the 1989 - 2008 decline at 31,414 & 1990 high of 33,345.

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