MMA Weekly Report Nikkei Stock Average By Raymond Merriman Sep.19 2023

1. Review

The Nikkei average closed last week up 926 points from the previous week, at 33,533. The week's low was 32,391 on Monday the 11th. The week's high was 33,634 on Friday the 15th. The closing price exceeded the weekly resistance line, so the outlook is bullish. Furthermore, this closing price continued to exceed the Weekly Trend Indicator Point (TIP: previously 32,356) for three consecutive weeks. Therefore, the trend has been upgraded from “neutral” to an “upward trend.”

2. Cycles

As explained in Forecast 2023, there is a long-term market cycle of 17 years in the Nikkei Stock Average. Its starting point is October 28, 2008, at 6,994. 2023 is the 15th year of that cycle. This cycle is divided into two parts by an 8.33-year cycle, with the first half ending at a double bottom formed by 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 now begun.

Please read the continuation in the PDF.

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