MMA Weekly Report Nikkei Stock Average By Raymond Merriman Apr.1 2024

1. Review

The Nikkei 225 average closed last week at 40,369, down 518 points from the previous week. The week's high was 40,979 on Wednesday the 27th. The week's low was 40,054 on Thursday the 28th. The week's range moved between the weekly downside support line and the weekly upside resistance line, so it was neutral. However, the week's closing price exceeded the Weekly Trend Indicator Point (TIP) by 13 weeks out of 14, so the overall trend remains in an “uptrend” state.

2. Cycles

As explained in my book 'Forecast 2024', the Nikkei 225 has a long-term market cycle of 17 years. The starting point is October 28, 2008, at 6,994. 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. From here the second half (the 2nd–8.33 year cycle) begins. Therefore, 2024 corresponds to its 16th year.

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