MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jul.24 2023

1. Review

Last week the Nikkei Stock Average closed down 87 points from the previous week at 32,304. The high for the week was 32,896 on Wednesday the 19th. The low for the week was 32,080 on Friday the 21st. Although the weekly high exceeded the upper resistance line, the close was below it, signaling a bearish turn. In fact, the bearish sequence may still be maintained. In fact, the weekly close fell for the third consecutive time below the Weekly Trend Indicator Point (TIP: last week 32,718), so the underlying trend has shifted from “neutral” to “downtrend.”

lower.

2. Cycles

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

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