MMA Weekly Report Nikkei Stock Average By Raymond Merriman May.7 2024

1. Review

The Nikkei Stock Average closed last week at 38,236, up 301 points from the previous week. The week's high was on Tuesday, April 30, at 37,958. The week's low was on Thursday, May 2, at 37,958. The week's high, like the previous week, approached the weekly resistance line but did not exceed it. At the week's closing price, it moved between the weekly support line and resistance line, so it was neutral. However, it remained weak. In fact, this closing price was five weeks in a row below the Weekly Trend Indicator Point (TIP). Therefore, the underlying trend is still in a “downward trend” state.

2. Cycles

As explained in my book “Forecast 2024,” the Nikkei Stock Average has a long-term market cycle of 17 years. Its starting point was 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) has begun. Therefore, 2024 corresponds to the 16th year of this cycle.

Please see the continuation in the PDF.

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