MMA Weekly Report Nikkei Stock Average By Raymond Merriman Dec.4 2023

1. Review

Last week, the Nikkei Stock Average closed at 33,431, down 194 points from the previous week. The week's high was 33,811 on Monday the 27th. The week's low was 33,161 on Thursday the 30th. Although the week's low fell below the lower boundary of the weekly support line, the closing price surpassed it, thus triggering a bullish signal. Therefore, the bullish streak is still considered to be intact. In fact, this closing price exceeded last week's Weekly Trend Indicator Point (TIP: 33,418) for five consecutive weeks. Consequently, the current trend remains in an “uptrend” state.

2. Cycles

As discussed in the upcoming release of ‘Forecast 2024,’ the Nikkei Stock Average has a long-term market cycle of 17 years. Its starting point is 6,994 on October 28, 2008. 2023 is the 15th year of that cycle. This cycle is divided into two 8.33-year segments, with the first half ending at the “double bottom” formed by 14,864 on June 24, 2016 and 14,865 on February 12, 2016. The second half (the 2nd–8.33 year cycle) has begun from here.

For more, please view the PDF.

* MMA Report is analyzed from Mr. Meriman's unique perspective for information provision purposes and does not constitute investment or trading recommendations.

* Please make the final investment decision at your own responsibility.

* Unauthorized reproduction or distribution of this report is a breach of contract. If such breach is discovered, legal action may be taken, and distribution may be terminated even within your subscription period. We appreciate your understanding and cooperation.