On the Japanese stock market on the 19th, it is likely to exhibit a strong sense of stagnation after a round of buying. On the 18th, the US market saw Dow Jones Industrial Average rise by 56 dollars, and Nasdaq rise by 5 points. Due to lower than expected US retail sales in May, the view that this justifies the Federal Reserve Board's (FRB) rate cut was supported. But concerns about the US economy also spread at the same time, and upward trends were suppressed. The Chicago Nikkei 225 futures market opened 210 yen higher than Osaka's market at 38,610 yen. The yen exchange rate is hovering around 157.80 yen per dollar.

It is likely that buying will prevail as a result of a round-up based on Chicago futures. The Nikkei 225 futures market broke through the -1σ of the Bollinger Band in the night session and rose to 38,620 yen at one point. It is conceivable that around 38,710 yen where the 25-day line is located, attention will be paid to a situation where stagnation is increasing after a round of buying, and this will lead to a stance of targeting declines. In addition, while the anticipation of a rate cut increased in the US market, concern about a slowdown in the American economy also rose, and the weight on trends upward was recognized.

However, Nvidia has reached record highs with a 3.5% increase, and has become the world leader in market capitalization. Expectations for growth in AI-related areas remain strong, and large values with index impact are likely to become support materials for high-tech stocks. Also, Arm Holdings rose sharply by 8.6%, setting a new record high, and a speculative fund inflow is expected to Softbank G <9984>. Therefore, although the sense of stagnation as a whole is increasing, the willingness to buy high-tech stocks on dips is strong, and there is a possibility that it will lead to a solid market.

Yesterday's Nikkei Stock Average showed autonomous rebounds against the previous day's sharp decline, but after a round of buying, it remained in a narrow range. The level was the movement of the Bollinger Band -1 (38,450 yen) as a reference. While the high-tech stocks with large index impact lead the Nikkei average, it can be expected that around 38,725 yen where the 25-day line is located will come into view.