MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jun.6 2022

1. Review

Last week, the Nikkei Stock Average closed up 979 points from the previous week at 27,761. The week's low was May 30 (Monday) at 27,057. The week's high was May 3 (Friday) at 27,776. The market began the week with a “gap up” from the previous week's high at 26,996–27,057, and by the end of the week closed with a “gap up” from Thursday’s high at 27,450–27,614. Since the closing price for the week surpassed the weekly resistance level, sentiment was bullish. Furthermore, this closing price surpassed the Weekly Trend Indicator Point (TIP) for three consecutive weeks, so the underlying trend has been upgraded from “neutral” to an “uptrend.”

2. Cycles

As explained even in last year’s Forecast 2022, the Nikkei Stock Average has a long-term market cycle of 17 years. Its starting point is 6,994 on October 28, 2008, and 2022 marks 14 years from that point.

This cycle is divided into two 8.33-year cycles, with the first half finishing at a “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12, 2016. The second half (the 2nd–8.33 year cycle) has begun from here.

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