MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jan.22 2024

1. Review

Last week the Nikkei 225 average closed up 386 points from the previous week at 35,963. The week's high was 36,239 on Wednesday the 17th. The week's low was 35,371 on Thursday the 18th. The week's range hovered between the lower support line and the upper resistance line, so it was neutral.
However, the bullish streak still appears to be continuing. In fact, the week’s close exceeded the Weekly Trend Indicator Point (TIP) for the fourth week in a row. Therefore the trend remains in a “upward trend” state.

2. Cycles
As explained in this month’s Forecast 2024, the Nikkei 225 has a long-term market cycle with an 17-year period. Its starting point is October 28, 2008, at 6,994. 2024 corresponds to the 16th year. This cycle is divided into two by an 8.33-year cycle, with the first half ending at the double bottom of June 24, 2016 at 14,864 and February 12, 2016 at 14,865. The second half (the 2nd–8.33 year cycle) has begun.

For the continuation, please refer to the PDF.

＊ MMA Report is analyzed from Mr. Meriman's unique perspective and is prepared for information purposes only, and does not constitute trading recommendations.
＊ Please make the final investment decision at your own responsibility.
＊ Reproduction or distribution of our reports without permission is a breach of contract. If such breach is discovered, legal action may be taken, and even during the subscription period we may discontinue distribution. We appreciate your understanding and thank you for your cooperation.