ロシア停戦部分合意も金は高値更新。日経平均は夜間揉み合い、反転兆しも長期サイクルを注視？_2025/3/19朝の相場雑感

ロシア停戦は部分合意に終わり、金は高値を更新し、モメンタムも回復基調。S&Pは軟調、日経平均は小売指標による上昇後は揉み合い展開で反転兆しも、金融政策決定会合後に向けて小休止か？止まらぬ金の強さにやや警戒も必要か？今は水星逆行（3/15-4/7）局面や戦後景況サイクルの調整局面というのを忘れずに。 The Russian ceasefire ends with partial agreements, and gold updates its high while momentum shows signs of recovery. The S&P remains weak, while the Nikkei shows a mixed trend, with signs of reversal following a rise driven by retail indicators, possibly taking a breather ahead of the monetary policy decision meeting. Caution may be warranted towards the relentless strength of gold. Let us not forget that we are in a Mercury retrograde phase (3/15–4/7) and a corrective phase of the post-war business cycle.