MMA Weekly Report Nikkei Stock Average By Raymond Merriman Dec.11 2023

1. Review

Last week, the Nikkei stock average closed lower by 1,123 points at 32,307 from the previous week. The week's high was 33,452 on Wednesday the 6th. The week's low was 32,205 on Friday the 8th. The closing price for the week was below the weekly downside support line, so sentiment was bearish. Therefore the sequence of bullishness ended.

In fact, this closing price fell below the Weekly Trend Indicator Point (W-TIP: last week 33,418) for the first time in six weeks. Consequently the prevailing trend has been downgraded from an “uptrend” to “neutral.”

2. Cycles

As explained in this month’s issue of “Forecast 2024,” the Nikkei Stock Average has a long-term market cycle of 17 years. Its starting point was October 28, 2008 at 6,994. 2024 enters its 16th year. This cycle is divided into two parts by an 8.33-year cycle, with the early part ending at 14,864 on June 24, 2016 and 14,865 on February 12 of the same year’s “double bottom.” The second half (the 2nd 8.33-year cycle) has begun from here.

For the continuation, please refer to the PDF.

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