MMA Weekly Report Nikkei Stock Average By Raymond Merriman May.15 2023

1. Review

The Nikkei Stock Average closed last week at 29,388, up 230 points from the previous week. The week's low was 28,931 on Monday the 8th. The week's high was 29,426 on Friday the 12th. Although the week's low fell below the weekly downside support line, the closing price exceeded the weekly upside resistance line, making sentiment extremely bullish. In fact, this closing price has remained above the Weekly Trend Indicator Point (TIP) for seven consecutive weeks, so the overall trend remains in an upward (bullish) state.

2. Cycles

As explained in the December 2023 issue of “Forecast 2023,” the Nikkei Stock Average has a long-term market cycle of 17 years. The starting point is October 28, 2008, at 6,994. 2023 marks the 15th year of this cycle. This cycle is divided into two 8.33-year halves, with the first half ending at the “double bottom” formed by June 24, 2016 at 14,864 and February 12, 2016 at 14,865. From here, the second half (the 2nd–8.33 year cycle) begins.

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