MMA Weekly Report Nikkei Stock Average By Raymond Merriman Mar.27 2023

1. Review

The Nikkei 225 average ended the week at 27,385, up 51 points from the previous week. The week's low was 26,945 on Monday the 20th. The week's high was 27,520 on Wednesday the 22nd. Since the closing price for the week moved within the range between the lower support line and the upper resistance line, it was neutral.

However, the bear sequence is still considered to be continuing. In fact, the weekly closing price fell below the Weekly Trend Indicator Point (T.IP) for two consecutive weeks. Nevertheless, the underlying trend remains in a “neutral” state.

2. Cycles

As explained in the December 2023 issue of Forecast, the Nikkei 225 has a long-term market cycle of 17 years. Its starting point was October 28, 2008, at 6,994. 2023 marks its 15th year. This cycle is split into 8.33-year segments, with the first half ending at the “double bottom” formed by June 24, 2016 at 14,864 and February 12, 2016 at 14,865. 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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