MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jul. 10 2023

1. Review

Last week the Nikkei Stock Average closed down 800 points from the previous week at 32,388. The week’s high was 33,762 on Monday the 3rd. The week’s low was 32,327 on Friday the 7th. The weekly high approached the upside resistance line but did not exceed it and turned down. Since the closing price fell below the weekly downside support line, this appears to inherit a bearish trigger from the previous week, continuing the bearish streak. Furthermore, this closing price fell below the Weekly Trend Indicator Point (TIP: last week 33,101) for the first time in 15 weeks, so the underlying trend has been downgraded from "uptrend" to "neutral."

2. Cycles

As explained in the December 2023 release of "Forecast 2023," the Nikkei Stock Average has a long-term market cycle of 17 years. The starting point is October 28, 2008 at 6,994. 2023 marks its 15th year. This cycle is divided into eight-and-a-third-year segments, with the first half ending at the “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12, 2016. From here, the second half (the second 8.33-year cycle) begins.

Please see the continuation in the PDF.

* MMA Report is prepared from Meriman’s unique perspective for information purposes and does not constitute a buy or sell recommendation.

* Please make your own investment decisions at your own responsibility.

* Unauthorized copying or distribution of this report is a breach of contract. If such breach is discovered, legal action may be taken, and even within your subscription period we may discontinue delivery. Thank you for your understanding and cooperation.