MMA Weekly Report Nikkei Stock Average By Raymond Merriman May.22 2023

1. Review

Last week, the Nikkei Stock Average closed at 30,808, up 1,420 points from the previous week. The week’s low was 29,475 on Monday the 15th. The week’s high was 30,924 on Friday the 19th, marking the highest level since August 1990. The week’s closing price exceeded the upside resistance line, indicating bullish sentiment. In fact, since this closing price topped the Weekly Trend Indicator Point (TIP) for eight consecutive weeks, the underlying trend remains in an “upward trend” state.

2. Cycles

As explained in “Forecast 2023” released last December, there exists a long-term market cycle of 17 years in the Nikkei Stock Average. Its starting point is 6,994 on October 28, 2008. 2023 is its 15th year. 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 that year. The second half (the 2nd to the 8.33-year cycle) has now begun.

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