MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jul.3 2023

1. Review

The Nikkei 225 average closed last week at 33,189, up 407 points from the previous week. The week's low was June 27 (Tuesday) at 32,306. The week's high was June 29 (Thursday) at 33,527. The weekly low approached the weekly support line but did not break below, and rebounded. At the week's high, it surpassed the weekly resistance line. However, since the closing price fell below this resistance line, it triggered a bearish signal. Yet this closing price remained above the Weekly Trend Indicator Point (TIP: last week 32,809) for 14 consecutive weeks, so the underlying trend remains in an “upward trend” state.

2. Cycles

As explained in “Forecast 2023” published last December, the Nikkei 225 has a long-term market cycle of 17 years. 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 on an 8.33-year cycle, with the front half finishing at the “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. From here, the second half (the 2nd-8.33 year cycle) has begun.

To read more, please refer to the PDF.

＊ MMA Report is analyzed from Mr. Meriman’s unique perspective and is created for information purposes, and does not provide buy/sell recommendations.

＊ Please make the final investment decision at your own responsibility.

＊ Unauthorized copying or distribution of our report constitutes a breach of contract. If a breach is discovered, we may take legal action, and even during the subscription period we may discontinue distribution. We appreciate your understanding and cooperation.