MMA Weekly Report Nikkei Stock Average By Raymond Merriman Feb.26 2024

1. Review

Last week, the Nikkei Stock Average closed up 611 points from the prior week at 39,098. The week's low was 38,098 on Wednesday the 21st. The week's high was 38,098 on Thursday the 22nd. The closing price for the week moved between the weekly support line and the weekly resistance line, so it was neutral.

However, the bullish streak is still viewed as continuing. In fact, the weekly closing price exceeded the Weekly Trend Indicator Point (W-TIP) for the ninth consecutive week. Therefore, the underlying condition remains in an “uptrend” state.

2. Cycles

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

Please see the continuation in the PDF.

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