MMA Weekly Report Nikkei Stock Average By Raymond Merriman Apr.24 2023

1. Review

The Nikkei stock average ended the week at 28,564, up 70 points from the previous week. The week's low was 28,414 on Monday the 17th, and the week's high was 28,778 on Friday the 21st. The closing price for the week remained neutral as it moved between the lower support line and the upper resistance line.

However, since this closing price surpassed the Weekly Trend Indicator Point (TIP) for the fourth consecutive week, the underlying trend remains in an “uptrend.”

2. Cycles

As explained in “Forecast 2023,” there is a long-term market cycle of 17 years in the Nikkei 225. The starting point is October 28, 2008 at 6,994. 2023 is the 15th year of this cycle. This cycle is divided into two halves 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. The second half (the 2nd–8.33 year cycle) has begun from here.

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