MMA Weekly Report Nikkei Stock Average By Raymond Merriman Aug.14 2023

1. Review

Last week, the Nikkei Stock Average closed up 280 points from the previous week at 32,473. The week’s low was 31,830 on Monday the 7th. The week’s high was 32,539 on Tuesday the 8th. The closing price for the week moved between the weekly support line and the upper resistance line, so it was neutral.

The series of bearish moves may have already ended. However, because the week’s closing price was below the weekly Trend Indicator Point (TIP: 32,442 last week) in 5 out of 6 weeks, the underlying trend remains in a “downtrend.”

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 October 28, 2008, at 6,994. 2023 marks the 15th year of this cycle. This cycle is divided into two within 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 of the same year. The second half (the 2nd–8.33 year cycle) has begun from here.

Continuation is available in the PDF.

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