MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jun.27 2022

1. Review

Last week, the Nikkei Stock Average closed up 528 points from the previous week at 26,491. The week's low was 25,520 on Monday the 20th, and the week's high was 26,519 on Friday the 24th. The week's range fluctuated between the lower support line and the upper resistance line, so it remained neutral.

The closing price for the week fell below the Weekly Trend Indicator Point (W-TIP) for the second consecutive week, but the underlying trend remains in a state of “neutral.”

2. Cycles

As explained in the year-end release of “Forecast 2022,” the Nikkei Stock Average has a long-term market cycle of 17 years. Its starting point was 6,994 on October 28, 2008, and 2022 marks 14 years from that starting point.

This cycle is divided into two parts by an 8.33-year cycle, with the first half ending at a “double bottom” formed by 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The latter half (the 2nd-8.33 year cycle) has begun from here.

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