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

1. Review

The Nikkei average ended last week at 27,513, up 473 points from the previous week. The week's low was 27,292 on Monday, February 27. The week's high was 27,961 on Friday, March 3. Since the closing price exceeded the weekly resistance level, we were bullish. Furthermore, this closing price also surpassed the Weekly Trend Indicator Point (TIP) for seven consecutive weeks, so the overall trend remained in an “upward trend.”

2. Cycles

As explained in Forecast 2023, the Nikkei Average has a long-term market cycle of 17 years. The starting point is 6,994 on October 28, 2008. 2023 marks its 15th year. This cycle is split into two halves on an 8.33-year cycle, with the first half ending at the “double bottom” formed by 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 there.

Please continue to read in the PDF.

* MMA Report is prepared from Mr. Meriman's unique perspective for information purposes, and does not make trading recommendations.

* Please make your final investment decisions at your own responsibility.

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