MMA Weekly Report Nikkei Stock Average By Raymond Merriman Apr.22 2024

1. Review

Last week the Nikkei Stock Average closed down 1,011 points from the previous week at 37,068. The week's high was 39,232 on Monday the 15th. The week's low was 36,733 on Friday the 19th. Since the closing value fell below the weekly support line, it was bearish. Moreover, this closing value also stayed below the Weekly Trend Indicator Point (TIP) for the third consecutive week. Therefore, the underlying trend has been downgraded from “neutral” to “downward trend.”

2. Cycles

As explained in my book ‘Forecast 2024,’ there exists a long-term market cycle of 17 years in the Nikkei 225. Its origin is October 28, 2008, at 6,994. This cycle is divided into two 8.33-year segments, with the first half ending at the “double bottom” of June 24, 2016 at 14,864 and February 12, 2016 at 14,865. From here, the second half (the 2nd–8.33 year cycle) has begun. Therefore, 2024 corresponds to the 16th year of this cycle.

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