MMA Weekly Report Nikkei Stock Average By Raymond Merriman Oct.17 2022

1. Review

Last week, the Nikkei Stock Average closed at 27,116, up 25 points from the previous week. The week's low was on the 13th (Thursday) at 26,237. The week's high was on the 14th (Friday) at 27,180. Since the weekly closing value hovered between the lower support line and upper resistance line, it was neutral.

However, since this closing value exceeded the Weekly Trend Indicator Point (TIP) for the first time in seven weeks, the underlying trend has been upgraded from “downward trend” to “neutral.”

2. Cycles

As 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 cycles, with the first half ending at the double bottom of 14,864 on June 24, 2016 and 14,865 on February 12, 2016. From here, the second half (the 2nd–8.33 year cycle) has begun.

For details, please see the PDF.

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