MMA Weekly Report Nikkei Stock Average By Raymond Merriman May.1 2023

1. Review

The Nikkei Stock Average closed last week at 28,856, up 292 points from the previous week. The week's low was 28,241 on the 27th (Thursday). The week's high was 28,879 on the 28th (Friday). Although the week's low fell below the weekly downside support line, the close price was above it, making it a bullish trigger. Furthermore, this closing price also exceeded the Weekly Trend Indicator Point (TIP) for five consecutive weeks, so the overall trend remains in an “uptrend” state.

2. Cycles

As explained in Forecast 2023, there is a long-term market cycle of 17 years in the Nikkei 225. Its starting point is October 28, 2008, at 6,994. 2023 marks 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, 14,864 on June 24, 2016 and 14,865 on February 12, 2016. The second half (the 2nd–8.33 year cycle) has begun from here.

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