S&P 500 makes new highs; the Nikkei soars in 2013

The S&P 500 (.SPX) reached a new all-time high in July. Since the cold days of March 2009, the index closed up 35 months, declined 14 months, and was flat four months. The Nikkei 225 Index (.N225) had a much less attractive performance during the entire 4 1/3-year span, but over-performed since November. Year-to-date, the S&P 500 is up 15.2%, while the Nikkei is up a whopping 38.55%.

Source: Thomson Reuters Eikon

Looking forward, the S&P 500 faces resistance at 1,781 from the 1.382% Fibonacci projection of the March 2009 – October 2012 uptrend. Immediate support is the 1.236% Fibonacci projection at 1,664.

The Nikkei is facing resistance at 15,270 from the 76.4% Fibonacci retracement of June 2007 – October 2008, which is in the vicinity of the top of its recent uptrend at 15,943. Good support is at 13,940 from the 61.8% Fibonacci retracement.

The .SPX – .N225 closely follows the performance of the .SPX.

 
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