MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.20 2023

1. Retrospective

Last week, the Nikkei Stock Average closed up 1,017 points from the previous week at 33,585. The week's low was 32,449 on Monday the 13th. The week's high was 33,614 on Thursday the 16th. The closing price exceeded the weekly upper resistance line, so sentiment is bullish. Therefore, the bullish sequence is maintained, and this closing price also surpassed the Weekly Trend Indicator Point (TIP: 31,663 last week) for the third consecutive week. Consequently, the current trend has been upgraded from “Neutral” to an “Upward Trend.”

2. Cycles

As explained in the December 2024 issue of 'Forecast 2024,' the Nikkei Stock Average exhibits a long-term market cycle of 17 years. Its starting point is October 28, 2008, at 6,994. 2023 is the 15th year of this cycle. This cycle is divided into two halves over 8.33 years.

The first half ends with the “double bottom” at 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) has begun.

The continuation is available in the PDF.

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