MMA Weekly Report Nikkei Stock Average By Raymond Merriman Feb.6 2023

1. Review

Last week the Nikkei Stock Average closed up 126 points from the previous week at 27,509. The week's low was 27,302 on Tuesday, January 31. The week's high was 27,612 on Friday, February 3. The closing price fluctuated between the weekly support line and the resistance line, remaining neutral. However, because this closing price exceeded the Weekly Trend Indicator Point (TIP) for the third consecutive week, the underlying trend has been upgraded from “neutral” to an “uptrend.”

2. Cycles

As explained in “Forecast 2023,” released last December, the Nikkei Stock Average has a long-term market cycle of 17 years. Its starting point is October 28, 2008, at 6,994. 2023 marks the 15th year of that cycle. This cycle is divided into two parts on an 8.33-year cycle, with the first half ending at the “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The second half (the 2nd – 8.33 year cycle) has begun from here.

The continuation can be viewed in the PDF.

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