MMA Weekly Report Nikkei Stock Average By Raymond Merriman May.8 2023

1. Review

The Nikkei Stock Average for last week closed at 29,157, up 301 points from the previous week, due to a holiday with shortened trading. The week's low was 29,016 on Monday the 1st. The week's high was 29,278 on Tuesday the 2nd. Although the weekly high exceeded the upside resistance line, the closing price remained within this resistance line's range, making the week largely bullish. However, since the closing price surpassed the Weekly Trend Indicator Point (TIP) for six consecutive weeks, the underlying trend is still considered to be in an “upward trend” state.

2. Cycles

As explained in 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 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, 2016. From here, the second half (the 2nd-8.33 year cycle) has begun.

The continuation can be viewed in the PDF.

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