MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Sep.4 2023

1. Review

Last week, the Nikkei Stock Average closed at 32,710, up 1,086 points from the previous week. The week's low was 31,881 on Monday, August 28.

The week's high was 32,845 on Friday, September 1. Since the closing price for the week exceeded the upper resistance line, the sentiment is bullish. Furthermore, this closing price surpassed the Weekly Trend Indicator Point (TIP: last week 31,945) in the week after it had fallen below it for seven of the eight weeks, so the underlying trend has been upgraded from a “downward trend” to “neutral.”

2. Cycles

As explained in the Forecast 2023 published last December, there exists a long-term market cycle of 17 years in the Nikkei Stock Average. Its starting point is October 28, 2008, at 6,994. 2023 marks its 15th year. This cycle is split into two parts by an 8.33-year cycle, 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) begins.

Please view the continuation in the PDF.

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