MMA Weekly Report Nikkei Stock Average By Raymond Merriman Mar.20 2023

1. Review

Last week, the Nikkei Stock Average closed at 27,333, down 810 points from the previous week. The weekly high was 27,906 on Monday the 13th. The weekly low was 26,632 on Thursday the 13th. Since the closing price for the week fell below the weekly downside support line, it carried over the previous week's bearish trigger, indicating a continuation of bearish sentiment. Therefore, this is a sequence of bearishness. Furthermore, this closing price also fell below the Weekly Trend Indicator Point (TIP) for the first time in nine weeks, so the overall trend has been downgraded from “upward trend” to “neutral.”

2. Cycles

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

Further details can be viewed in the PDF.

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