MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Mar.4 2024

1. Review

Last week, the Nikkei Stock Average closed at 39,910, up 812 points from the previous week. The week's low was February 29 (Thursday) at 38,876. The week's high was on the 1st (Friday) at 39,990. Since the closing price for the week surpassed the upper bound of the weekly resistance level, sentiment was bullish. Therefore, the bullish streak is still considered ongoing. In fact, the weekly close exceeded the Weekly Trend Indicator Point (TIP) for 10 consecutive weeks.

As a result, the underlying condition remains in a "rising trend" state.

2. Cycles

As explained in this month's release of "Forecast 2024," the Nikkei Stock Average has a long-term market cycle with a 17-year period. Its starting point is October 28, 2008, at 6,994. 2024 marks the 16th year of that cycle. This cycle is divided into two segments by an 8.33-year period, with the early part ending at June 24, 2016, when the index reached 14,864, and the double bottom at February 12, 2016, at 14,865. The second half (the 2nd to the 8.33-year cycle) has begun here.

For more, please see the PDF.

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