The bottom line here is 2016 so far is weaker for NKY and DAX compared to USA indexes, which is a change from 2015. While USA has rallied to major long term levels, DAX and NKY are not even close. If the market turns lower, these two will be back under all pivots well before most USA indexes and thus can be placed on short watch list. 

NKY just above YS1. So far exactly low on 1HS2 and bounce high on 1HS1 (both green dot levels).

Like most risk assets NKY is below Q1P but above MarP, after being below monthly pivots (orange dots) for most of December, January and February. Unlike several USA indexes, however, NKY is not even close to recovering any long term pivot level.

DAX above YS1 / 1HS1 combo not even close to recovery like USA.