We are upgrading Japan to a Confirmed Uptrend as of May 11 due to the following reasons:
- Although both the Nikkei and Topix have not had a daily gain that would constitute a strong follow-through day (greater than 1.7%), multiple daily gains of more than 1% have occurred since April.
- Both indices have risen 10% or more from March lows. The Nikkei has risen for seven consecutive weeks and is trading above March resistance.
- Volume has improved. Accumulation volume was above average last week. A/D Rating is now B-.
- Furthermore, the Nikkei has only had one distribution day since early April.
