◆The Nikkei Stock Average continues to tread in the high range. On November 20th, the price hit a post-bubble burst high of 33,853 yen, but since then it has been in the 33,200 yen to 33,700 yen zone. The daily RCI (rank correlation index) has also reached a high signal as we approach a turning point continuing from June, but it is a chart theory to make speed adjustments at this point, so it is not a bad thing.
◆After this, the focus will be on where the price will turn around and push toward the highest price in 34 years (=1989 all-time high of 38,957 yen). However, in December, there will be uncertainty about supply and demand due to the major SQ (specially cleared index calculation day for futures and options trading) on the 8th and tax-saving sell-offs at the end of the year. It would be best if you had the mindset of “waiting for it.”
◆One thing that is attracting attention is the “TSE Standard Index.” It rebounded from the low of 1,076.82 points on October 24th, and as of November 30th, it reached 1,165.02 points, a 9-day increase and a new year-to-date high. The main index, the TSE Prime Index (1,221.98 points), is stagnant at the 1,200 point level, just like the Nikkei Stock Average, but the TSE Standard, which is centered on small and medium-sized stocks, is slowly starting to move, having lagged behind due to sufficient adjustment.
◆Up until now, Japanese stocks have been focused on large-scale major stocks, but it would not be surprising if major stocks in December are at a standstill due to concerns about supply and demand. On the other hand, small and medium-sized stocks have been left out of the spotlight. If a stock has good performance, low P/E ratio, low PBR, and high dividends, and the stock price has not yet moved significantly, it becomes a target to be looked for with “chart interest.” While “ambushing” major stocks in the December market, it may be interesting to take a look at the interesting stocks on the TSE Standard chart.
(Written on November 30th, next update scheduled for December 9th)
Information provided:Takaya Tomita’s Chart Club
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2023-12-02 01:00:00
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