Asia stocks retreat as focus shifts back to fundamentals

Asia stocks hesitate after Monday's bull run runs dry.
Shanghai and Hong Kong are hanging onto minimal gains for the day.

Joshua Gibson FXStreet

Asia equity indexes are mixed for Tuesday, but the overall tone has taken a step back, with Japan's Nikkei stepping back into 22,500.00 once again after peaking at 22,593.00 earlier.

Monday's rally, fueled by last Friday's US NFP data beat, has begun to peter out early on in Tuesday, and equity indexes across Asia have paused in their tracks for Tuesday.

Australia's ASK index is down -0.30% for the day, with Shanghai's Composite and Hong Kong's Hang Seng indexes up around 0.20% each, while the Nikkei remains flat on the day, floating near Tuesday's opening prices for now.

Nikkei 225 index levels to watch

Japan's leading index is flubbing the bullish momentum after climbing in Monday's trading, the level for bulls to beat will be last week's high, sitting nearby at 22,540.00, followed by May's high beyond at 23,040.00, while a sell-off will find support from last week's low from 21,910.00 before running into May's bottom near 20,920.00.

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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