MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jun. 12 2023

1. Review

The Nikkei Stock Average closed last week at 32,265, up 740 points from the previous week. The week's high was 32,708 on Wednesday the 7th, marking the highest level since July 1990. On the other hand, the week's low was 31,265 on Thursday the 8th. Since the closing price for the week surpassed the upper resistance line for the week, the outlook remained bullish. Furthermore, this closing price surpassed the Weekly Trend Indicator Point (TIP) for 11 consecutive weeks, so the underlying trend remains in an “upward trend” state.

2. Cycles

As explained in Forecast 2023, released last December, the Nikkei Stock Average has a long-term market cycle with an 17-year cycle. Its starting point is October 28, 2008, at 6,994. 2023 is the 15th year of that cycle. This cycle is divided into two parts by an 8.33-year cycle, with the front half ending at the “double bottom” between June 24, 2016, at 14,864 and February 12, 2016, at 14,865. The latter half (the 2nd to the 8.33-year cycle) has begun.

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