The Nikkei broke off its all-time highs and saw a technical pullback

(1) The Nikkei Stock Average retreated on Wednesday from an all-time high set in the previous session, with technical signals suggesting that the rally of more than 9% over the past three weeks was too rapid. (2) The Nikkei Stock Average closed slightly down 0.08% at 39,208.03. The index hit an intraday high of 39,426.29 points last day and closed at an all-time high of 39,239.52 points. (3) The number of decliners and gainers in the overall market was 120 and 104 respectively, and the other stock was unchanged. (4) Two heavyweights, Fast Retailing and SoftBank Group, Uniqlo brand operators, collectively weighed down the Nikkei by 45 points, outpacing the index’s overall decline of 32 points. (5) At the same time, e-commerce and gaming companies stood out on the news that they would launch Newbie Games, soaring more than 24%. The Topix stock price index fell 0.13%. (6) The Relative Strength Index (RSI), which measures Nikkei’s momentum, was around 78 on Wednesday and has remained above 70, which indicates the market is overbought, every trading day since Feb. 13. (7) Maki Sawada, equity strategist at Nomura Securities, said: "Considering the speed of the rebound, the market is showing signs of overheating, so some pullbacks are understandable. Today’s decline is not driven by particularly negative news, so the retracement is likely to be limited. ” (8) Among the 33 industry sub-indices of the Tokyo Stock Exchange, electricity and natural gas stocks led the gains, rising more than 3%, followed by paper and pulp stocks with a 2.55% increase. (9) Miscellaneous stocks, on the other hand, were the worst performers, down 1%