MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jan.15 2024

1. Review

Last week, the Nikkei Stock Average closed at 35,577, up 2,199 points from the previous week. The week's low was on the 9th (Tuesday) at 33,600. The week's high was on the 12th (Friday) at 35,839. Since the closing price for the week surpassed the upper resistance line, it clearly extended last week’s bullish trigger, indicating a continuation of the bullish trend. Therefore, this is a continuation of bullish momentum. Furthermore, this closing price exceeded the Weekly Trend Indicator Point (W-TIP) for three consecutive weeks. Consequently, the overall tone has been raised from “Neutral” to an “Uptrend.”

2. Cycles

As explained even in the current issue of ‘Forecast 2024,’ the Nikkei Stock Average has a long-term market cycle of 17 years. The starting point is 6,994 on October 28, 2008. 2024 marks its 16th year. This cycle is divided into two by an 8.33-year period, with the front half ending at the “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The latter half (the 2nd–8.33 year cycle) has begun.

For the continuation, please see the PDF.

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