MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jun.26 2023

1. Review

The Nikkei Stock Average closed at 32,781, down 925 from the previous week. The week's high was 33,772 on Monday the 19th, slightly renewing the 33-year high from last week. The week's low was 32,575 on Friday the 23rd. Although the low exceeded the weekly downside support line, it remained within this area at the close, so the sentiment was largely bearish. However, since the close price exceeded the Weekly Trend Indicator Point (TIP: 32,225 for last week) for the 13th consecutive week, the overall 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 of 17 years. The starting point is October 28, 2008, at 6,994. 2023 is its 15th year. This cycle is divided into two parts 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, 2016. The second half (the 2nd to the 8.33-year cycle) has begun.

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