MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jan.29 2024

1. Review

Last week the Nikkei 225 index closed up 212 points from the previous week at 35,751. The week's high was on Tuesday the 23rd at 36,984. The week's low was on Friday the 26th at 35,687. Although the weekly high exceeded the upside resistance line, the close was below it, triggering a bearish signal. However, the bullish streak still appears to be continuing. In fact, the weekly close has exceeded the Weekly Trend Indicator Point (TIP) for five consecutive weeks. Therefore, the general trend remains in an “uptrend” phase.

2. Cycles

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

The continuation is available in the PDF.

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