MMA Weekly Report Nikkei Stock Average By Raymond Merriman Feb.19 2024

1. Review

Last week, the Nikkei Stock Average closed up 1,589 points from the previous week at 38,487. The week’s low was 37,184 on Tuesday the 13th. The week’s high was 38,865 on Friday the 16th. The week’s closing price continued to exceed the weekly upper resistance line, marking two consecutive weeks of a bullish phase. Therefore, the bullish streak remains in place. In fact, the weekly close repeatedly surpassed the Weekly Trend Indicator Point (TIP) for eight consecutive weeks. Consequently, the trend remains in an “uptrend” state.

2. Cycles

As explained in the upcoming Forecast 2024, the Nikkei Stock Average has a long-term market cycle of 17 years. Its starting point is 6,994 on October 28, 2008. 2024 marks the 16th year of that cycle. This cycle is divided into two 8.33-year segments, with the early phase 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.

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