MMA Weekly Report Nikkei Stock Average By Raymond Merriman Aug. 8, 2022

1. Retrospect

Last week the Nikkei Stock Average closed down 374 points from the previous week at 28,175. The week's low was on Tuesday the 2nd at 27,530. The week's high was on Friday the 5th at 28,190. Although the week's low fell below the weekly downside support line, it rebounded. At the week's close, it closed above the weekly upside resistance line, so the primary trend was extremely bullish. Furthermore, since this closing price also exceeded the Weekly Trend Indicator Point (TIP) for the fifth consecutive week, the underlying trend remains in an “uptrend” state.

2. Cycles

As I also explained in my book “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 is the 14th year from that starting point.

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

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