MMA Weekly Report Nikkei Stock Average By Raymond Merriman Mar.18 2024

1. Review

Last week the Nikkei Stock Average closed down 981 points from the previous week at 38,707. The week's high was 39,241 on Monday the 11th, and the week's low was 38,271 on Tuesday the 12th. The closing price for the week fell below the weekly downside target, effectively continuing the prior week's bearish trigger. Consequently, the ongoing bullish sequence ended and a bearish sequence took its place. In fact, the week's closing price fell below the Weekly Trend Indicator Point (TIP) for the first time in 12 weeks, so the trend has been downgraded from “uptrend” to “neutral.”

2. Cycles

As explained in this month’s Forecast 2024, the Nikkei Stock Average has a long-term cycle of 17 years. The starting point is 6,994 on October 28, 2008. 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 the double bottom of 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The second half (the 2nd–8.33 year cycle) has begun.

Please view the continuation in the PDF.

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