MMA Weekly Report Nikkei Stock Average By Raymond Merriman Sep.11 2023

1. Review

Last week, the Nikkei Stock Average closed down 103 points from the previous week at 32,606. The week's high was 33,322 on Thursday the 7th. The week's low was 32,512 on Friday the 8th. Although the high for the week surpassed the upper resistance line, the close price fell below it, triggering a bearish signal. However, the close price this week also surpassed the Weekly Trend Indicator Point (TIP: last week 32,012) for two consecutive weeks. Nevertheless, the overall trend remains in a neutral state.

2. Cycles

As explained in Forecast 2023, the Nikkei Stock Average has a long-term market cycle with an 17-year period. The starting point is October 28, 2008, at 6,994. 2023 marks the 15th year of this cycle. This cycle is divided into two halves by 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. From here, the second half (the 2nd 8.33-year cycle) begins.

The continuation is available in the PDF.

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