The Nikkei 225 fell after the ex-dividend date on 29 September, with the 75-day moving average and trendline pushing the market back. Maintaining the 25-day moving average is likely to be key to a future rebound.
On 29 September, the ex-dividend adjustment pushed the Nikkei 225 down by around ¥380, and the index ultimately closed down around ¥396, exceeding the size of the adjustment. This brought the moving averages and trendline close together on the chart, creating an important juncture for assessing the October market.
After the 75-day moving average and trendline acted as overhead resistance and pushed the market back, the ex-dividend adjustment drove the market lower, briefly taking it below the 25-day moving average. However, selling did not intensify, and the index moved back above the 25-day moving average toward the close. Whether the 25-day moving average can hold will be key to a rebound.