MMA Weekly Report Nikkei Stock Average By Raymond Merriman Apr.10 2023

1. Review

Last week the Nikkei Stock Average closed at 27,518, down 523 points from the previous week. The weekly high was on the 4th (Tuesday) at 28,287. The weekly low was on the 6th (Thursday) at 27,427. The weekly closing price was above the weekly downside support line, so technically bearish. However, the weekly close also remained above the Weekly Trend Indicator Point (TIP) for the second week in a row. Nevertheless, the underlying trend remains in a “neutral” state.

2. Cycles

As explained in “Forecast 2023,” released last December, the Nikkei Stock Average has a long-term market cycle with an 17-year period. The starting point is 6,994 on October 28, 2008. 2023 is the 15th year of that cycle. This cycle is divided into two halves by an 8.33-year cycle, with the first half ending at the “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. 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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