MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Nov.7 2022

1. Retrospective

Last week the Nikkei Stock Average closed up 94 points from the previous week at 27,199. The week's high was 27,692 on Wednesday the 2nd. The week's low was 27,032 on Friday the 4th. Although the weekly high exceeded the uptrend resistance line, the closing price fell below it, staying between the weekly downside support line and the uptrend resistance line, resulting in a bearish trigger for two weeks in a row. However, since this closing price exceeded the Weekly Trend Indicator Point (TIP) for four consecutive weeks, the underlying condition remains an “uptrend.”

2. Cycles

I intend to explain this in the end-of-year 2023 Forecast, but the Nikkei Stock Average has a long-term market cycle of 17 years. The starting point is October 28, 2008, at 6,994, and 2022 is the 14th year from that starting point.

This cycle divides into an 8.33-year cycle, with the first half ending at the “double bottom” formed by 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. From here the second half (the 2nd–8.33-year cycle) has begun.

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