MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jun.19 2023

1. Review

The Nikkei Stock Average closed last week at 33,706, up 1,441 points from the previous week. The week's low was 32,280 on Monday the 12th. The week's high was 33,772 on Friday the 16th, and last week again reached a 33-year high. Since the closing price exceeded the weekly resistance level, the market remained bullish for two weeks in a row. Furthermore, this closing price surpassed the Weekly Trend Indicator Point (TIP) for 12 consecutive weeks, so the underlying trend remained in an 'upward trend' state.

2. Cycles

As explained in “Forecast 2023,” there exists a long-term 17-year cycle in the Nikkei Stock Average. Its 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 segments, with the early half ending at the “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The second half (the 2nd 8.33-year cycle) has begun.

Please see the continuation in the PDF.

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