MMA Weekly Report Nikkei Stock Average By Raymond Merriman Apr.8 2024

1. Retrospect

Last week the Nikkei 225 average closed at 38,992, down 1,377 points from the previous week. The week's high was 40,697 on Monday the 1st. The week's low was 38,774 on Friday the 5th. The closing price fell below the weekly support line, signaling a bearish stance. Furthermore, this closing price was below the weekly trend

indicator point (TIP) after it had remained above it for 13 weeks in the 14th week; consequently, the underlying trend has been downgraded from “uptrend” to “neutral.”

2. Cycles

As explained in my book ‘Forecast 2024,’ the Nikkei 225 contains a long-term market cycle of 17 years.

Its starting point is October 28, 2008, at 6,994. This cycle is divided into two by an 8.33-year cycle, with the first half ending at the “double bottom” of June 24, 2016 at 14,864 and February 12, 2016 at 14,865. The second half (the 2nd 8.33-year cycle) has begun. Therefore, 2024 corresponds to its 16th year.

For the continuation, please refer to the PDF.

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