MMA Weekly Report Nikkei Stock Average By Raymond Merriman Apr.15 2024

1. Recap

Last week, the Nikkei 225 average closed at 39,523, up 531 points from the previous week. The week’s low was 39,065 on the 11th (Thursday). The week’s high was 39,774 on the 12th (Friday). Since the week’s closing value moved within the lower support line and upper resistance line, the trend was neutral.

Moreover, this closing value fell below the Weekly Trend Indicator Point (TIP) for two consecutive weeks. However, the underlying trend remains in a “neutral” state.

2. Cycles

As discussed in my book “Forecast 2024,” the Nikkei 225 has a long-term market cycle of 17 years.

Its starting point is October 28, 2008, at 6,994. This cycle is split into 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) began. Therefore, 2024 corresponds to the 16th year of that cycle.

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