MMA Weekly Report Nikkei Stock Average By Raymond Merriman Oct.16 2023

1. Review

Last week the Nikkei Stock Average closed at 32,315, up 1,321 points from the previous week. The week's low was 31,314 on Tuesday the 10th. The week's high was 32,533 on Friday the 13th. The closing price for the week was above the resistance line for the week, indicating a bullish mood. Furthermore, this closing price surpassed the Weekly Trend Indicator Point (TIP: last week 32,003) for the first time in four weeks. Therefore the overall trend has been upgraded from “bearish” to “neutral.”

2. Cycles

As explained in the December issue of 'Forecast 2023', the Nikkei Stock Average has a long-term market cycle with an 17-year period. The starting point is 6,994 on October 28, 2008. 2023 is its 15th year. 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.

For more, please view the PDF.

* MMA Report is prepared from Mr. Meriman's unique perspective for informational purposes and does not constitute a buy or sell recommendation.

* Please make investment decisions at your own risk.

* Unauthorized copying or distribution of our report constitutes a breach of contract. If such breach is discovered, legal measures may be taken, and distribution may be halted even within your subscription period. Thank you for your understanding and cooperation.