US markets dropped sharply as US inflation data came in hotter than expected. While the Nikkei 225 also fell, it saw a small recovery overnight.
US inflation news yesterday sent Wall Street into a tailspin, and the Dow briefly hit its lowest level since 14 February.While the index is still barely two weeks away from its most recent record high, it has been unable to maintain upward momentum. Over the past week, the index has closed below the 50-day simple moving average for the first time since early November.
A close below the 50-day SMA could point towards more short-term weakness, while a recovery above 5250 could signal that a low is in place.weakness has helped limit the downside for the time being. Indeed, the Nikkei has managed to hold above the low seen last week at 38,771, though it has slipped below the 50-day SMA once more. A low may have formed if 39,000 can hold, and the index close above 40,000.
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