MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.6 2023

1. Review

Last week, the Nikkei Stock Average closed at 31,949, up 958 points from the previous week. The week's low was October 30 (Monday) at 30,538. The week's high was November 2 (Thursday) at 32,087. Since the closing price surpassed the weekly resistance level, this represents a continuation of last week's bullish trigger, indicating a bullish run. Consequently, the trend remains bullish, and furthermore, because this closing price exceeded the weekly Trend Indicator Point (TIP: last week 31,532) after five of six weeks below it, the overall tone has been upgraded from “bearish” to “neutral.”

2. Cycles

As explained in Forecast 2023, there exists a long-term market cycle of 17 years for the Nikkei Stock Average. Its starting point is 6,994 on October 28, 2008. 2023 marks its 15th year. This cycle is divided into two parts 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, 2016. The second part (the 2nd-8.33 year cycle) has begun from there.

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