MMA Weekly Report Nikkei Stock Average By Raymond Merriman Mar.25 2024

1. Review

The Nikkei Stock Average closed last week at 40,888, up 2,180 points from the previous week. The week's low was 38,935 on Monday the 18th. The week's high was 41,087 on Friday the 22nd. The close for the week was above the weekly upper resistance line, so sentiment is bullish. Consequently, the prior streak of weakness has ended. In fact, the weekly close was above the Weekly Trend Indicator Point (TIP) for 12 weeks out of 13 weeks, so the underlying tone has been upgraded from “neutral” to “an uptrend” again.

2. Cycles

As explained in the current 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 this cycle. This cycle is divided into two halves by an 8.33-year cycle, with the first half ending at 14,864 on June 24, 2016 and 14,865 on February 12, 2016, 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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