MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.14 2022

1. Review

The Nikkei 225 average closed last week at 28,263, up 1,063 points from the previous week. The week's low was on Monday the 7th at 27,357. The week's high was on Friday the 11th at 28,329. The closing price surpassed the weekly upside resistance line, so sentiment was bullish. Furthermore, this closing price remained above the Weekly Trend Indicator Point (TIP) for five consecutive weeks, indicating that the underlying trend is still an “uptrend.”

2. Cycles

As explained in the December issue of “Forecast 2023,” the Nikkei 225 has a long-term market cycle of 17 years. The starting point is October 28, 2008, at 6,994, and 2022 marks 14 years from that starting point.

This cycle is divided into two by an 8.33-year subcycle, with the first half ending at the double bottom formed by June 24, 2016 at 14,864 and February 12, 2016 at 14,865. From here, the second half (the 2nd–8.33 year cycle) has begun.

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