MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.28 2022

1. Review

Last week’s Nikkei Stock Average closed at 28,283, up 383 points from the previous week. The week’s low was 27,846 on Monday the 21st. The week’s high was 28,502 on Thursday the 24th. The close surpassed the weekly upside resistance line, indicating continued strength from the previous week. This is a streak of bullishness. Furthermore, this closing level surpassed the Weekly Trend Indicator Point (TIP) for seven consecutive weeks, so the overall trend is regarded as still in an “uptrend.”

2. Cycles

As discussed in next month’s “Forecast 2023,” the Nikkei Stock Average has a long-term market cycle of 17 years. Its starting point is 6,994 on October 28, 2008, and once into 2023, it enters the 15th year from that starting point.

This cycle is split into two 8.33-year cycles, with the front half ending at the “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The back half (the 2nd to the 8.33-year cycle) has begun from there.

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