MMA Weekly Report Nikkei Stock Average By Raymond Merriman Apr.3 2023

1. Review

Last week, the Nikkei Stock Average closed at 28,041, up 656 points from the previous week. The week's low was 27,359 on Monday the 27th. The week's high was 28,124 on Friday the 31st. The close for the week surpassed the upper weekly resistance line, signaling a bullish outlook. This means the streak of bearishness has ended. In fact, the week's closing price exceeded the Weekly Trend Indicator Point (TIP) for the first time in three weeks. However, the overall trend remains in a “neutral” state.

2. Cycles

As explained in the December 2023 issue of “Forecast 2023,” there exists a long-term market cycle of 17 years in the Nikkei Stock Average. The 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 a “double bottom” formed by 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. From here, the second half (the 2nd to the 8.33-year cycle) begins.

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