It's interesting that one time the Nikkei jumped to catch up to the SPY and the other time the Nikkei fell by about 4% more. Who knows - it is a divergence. I'll add the ratio graph next to look at that.
JimFred, if you read the headline again, you'll see that I suggest the the Nikkei will play "catch-up" to the S&P, which means I'm looking for it to rally... not decline. I show that they are spread apart and that it would make sense that the Nikkei OUTPERFORMS the SPY from here.