MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Feb.13 2024

1. Review

Last week the Nikkei 225 average closed up 739 points from the previous week at 36,897. The week's low was 35,854 on Wednesday the 7th. The week's high was 37,287 on Friday the 9th. The closing price for the week surpassed the upper end of the weekly resistance line, indicating a bullish tone. Therefore, the bullish streak remains in place. In fact, the weekly closing price exceeded the Weekly Trend Indicator Point (TIP) for seven consecutive weeks, reinforcing that the overall trend is still in an "uptrend" state.

2. Cycles

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

Please see the continuation in the PDF.

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