Nikkei down again, but lacking conviction as prices plays near 23,275.00

• Nikkei continues slide from record-setting highs, down to 23,275.00 in Tokyo.
• Global slide in equities hasn't erased impressive gains in stock market indexes.

The Nikkei has struggled to regain its composure during the global equities pullback, currently trading at 23,275.00 in the Tokyo market.

The Nikkei Index is  down from a decades-high of 24,195.00 a week ago, as global equities slide from record confidence highs, with investors and traders recoiling from eye-watering highs in stocks as bonds have begun to price in a slowdown in economic growth during the net fiscal year, with the benchmark 10-year US Treasury Notes climbing to a four-year high of over 2.7%, giving investors reason to ponder why and where they put their money as central banks around the world prepare to begin tightening their easy monetary policies that have left equity markets flush with more cash than they know what to do with. While bonds have receded from the highs of their recent yield ranges, equities have been slow to pick back up where they left off. 

Despite the recent downturn in equities markets, the Nikkei is still trading near all-time highs, while January saw the S&P 500 and Dow Jones Industrial Average both lock in their best-performing months since 2016. However, the end of the age of easy money is on the horizon: with central banks preparing to bring an end to their quantitative easing policies with global economic growth on the rise, rising interest rates will put intense pressure on indexes faced with a dwindling money supply.

Nikkei Technicals

Current intraday support/resistance for the Nikkei rests at 23,345.00 and 23,179.00,  while longer-term traders will note that price has slipped below the 34-Day EMA, which is now providing resistance at the 23,440.00 level, and fibonacci retracement levels at 23,338.00(23.6%) and 23,500.00(38.2%) will also give retracement traders something to think about.