Sum
While both indexes participated in the global risk rebound from 2/11-12 lows, both have exhibited relative weakness compared to USA and other oil related emerging market ETFs. Both remain far under long term pivots; NKY did not even reach MarR1, and DAX traded slightly above MarR1 for 2 days and today has rejected that level.

Relative weakness make these attractive short candidates, or from institutional or investing perspective current under-weights. As a short, though, NKY is sitting just above YS1 so that is a much better setup on a break. We can also watch to see where price is in relation to new Q2 pivots.

* * *

NKY continues to stabilize above its YS1 / 1HS1 levels of 16766 and 16974 respectively. Above this helps the global bullish picture. Below makes NKY an attractive short candidate.

These levels only have a few days left. NKY like almost all global risk spent all of March above its monthly pivot; but unlike other indexes, did not reach an R1 level. That is comparatively quite weak.

DAX broke and recovered its YS1 / 1HS1 levels as part of the global rebound but has not doine much the last 2 weeks and remains well under long term pivots.

Due to DAX relative weakness, it will be closer to testing Q2Ps on any further drop. But we'll see where price is relative to the pivot in the new quarter.