MMA Weekly Report Nikkei Stock Average By Raymond Merriman May.29 2023

1. Review

Last week, the Nikkei 225 index closed at 30,917, up 107 points from the previous week. The week's high was 31,352 on Tuesday the 23rd, marking a high level not seen since March 1990. The week's low was 30,558 on Thursday the 25th. While the week's high approached the upper resistance line, it did not surpass it and retreated. At the closing price, it moved within the range between the lower support line and the upper resistance line, so it was neutral. However, since this closing price exceeded the Weekly Trend Indicator Point (TIP) for nine consecutive weeks, the underlying trend remains in an “uptrend” state.

2. Cycles

As described in Forecast 2023, published last December, there exists a long-term market cycle of 17 years in the Nikkei 225. The 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” formed by 14,864 on June 24, 2016 and 14,865 on February 12, 2016. The latter half (the 2nd 8.33-year cycle) has begun.

Please see the continuation in the PDF.

＊ MMA Report is prepared from Professor Merliman’s unique perspective for informational purposes, and does not constitute buy/sell recommendations.

＊ Please make investment decisions at your own responsibility.

＊ Unauthorized copying or distribution of our reports constitutes a breach of contract. If such breach is detected, legal action may be taken, and distribution may be halted even within the subscription period. Thank you for your understanding and cooperation.