MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Dec.5 2022

1. Review

The Nikkei Stock Average closed last week at 27,777, up 505 points from the previous week. The week's high was 28,423 on Thursday the 1st. The week's low was 27,662 on Friday the 2nd. Since the closing price of the week fell below the weekly support line, sentiment is bearish. This also means the previous bullish streak has been negated. Furthermore, because this closing price fell below the Weekly Trend Indicator Point (TIP) for the first time in eight weeks, the overall trend has been downgraded from an “uptrend” to “neutral.”

2. Cycles

As discussed in Forecast 2023, released on December 26, there exists a long-term market cycle of 17 years for the Nikkei Stock Average. The starting point is October 28, 2008, at 6,994, and as we enter 2023 we will be entering the 15th year from that starting point.

This cycle is divided into an 8.33-year cycle, with the first half ending in a “double bottom” at 14,864 on June 24, 2016 and 14,865 on February 12 of the same year, marking the end of the first half. The second half (the second 8.33-year cycle) has begun.

For details, please see the PDF.

* MMA Report is analyzed from Meriman’s (Merriman) unique perspective and is prepared for informational purposes only and does not constitute buy/sell recommendations.

* Please make invest­ment decisions at your own responsibility.

* Unauthorized copying or distribution of our reports is a breach of contract. If such breach is discovered, legal action may be taken, and even during the subscription period we may terminate distribution. Thank you for your understanding and cooperation.