MMA Weekly Report Nikkei Stock Average By Raymond Merriman Feb.13 2023

1. Review

The Nikkei Stock Average closed last week at 27,670, up 161 points from the previous week. The week's high was 27,821 on Monday the 6th. The week's low was 27,424 on Thursday the 9th. Since the closing price for the week exceeded the upper resistance line for the week, sentiment is bullish. Furthermore, this closing price exceeded the Weekly Trend Indicator Point (TIP) for four consecutive weeks, so the overall trend of “upward” remains intact.

2. Cycles

As explained in the December 2023 release of “Forecast 2023,” the Nikkei Stock Average has a long-term market cycle with an 17-year period. Its starting point is October 28, 2008, at 6,994. 2023 is its 15th year. This cycle is divided into two halves by an 8.33-year cycle, with the first half ending at the 14,864 level on June 24, 2016 and the 14,865 level on February 12, 2016, forming a “double bottom.” From here, the second half (the 2nd-8.33 year cycle) has begun.

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