MMA Weekly Report Nikkei Stock Average By Raymond Merriman Dec.18 2023

【Notice】 Due to the holiday season, we will not publish the report during the week of December 25. Raymond A. Meriman

1. Overview

Last week’s Nikkei Stock Average closed at 32,970, up 662 points from the previous week. The week's high was on the 12th (Tuesday) at 33,172. The week's low was on the 14th (Thursday) at 32,515. The weekly high exceeded the upper resistance line, but the closing price stayed within that area, so overall the mood was mostly bullish. However, this closing price fell below the Weekly Trend Indicator Point (TIP: 33,225 last week) for the second consecutive week. Therefore, the underlying trend remains “neutral.”

2. Cycles

As explained in this month’s “Forecast 2024,” there exists a long-term market cycle of 17 years in the Nikkei Average. Its starting point is October 28, 2008 at 6,994. In 2024, we enter the 16th year. This cycle is divided into two 8.33-year cycles; 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. The second half (the 2nd 8.33-year cycle) has begun.

The continuation is available in the PDF.

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Next issue will be January 9, 2024.

Thank you for your support this year as well.

Wishing you a wonderful New Year.