MMA Weekly Report Nikkei Stock Average By Raymond Merriman May.20 2024

1. Review

Last week the Nikkei 225 average rose 558 points from the previous week to close at 38,787. The week's low was on Monday the 13th at 37,969. The week's high was on Thursday the 16th at 38,949. Last week, although the highs remained above the weekly upper resistance line, the closing price fell below the lower support line and moved between the lower support and upper resistance lines, making it a bearish trigger for two weeks in a row. However, this closing price again exceeded the Weekly Trend Indicator Point (TIP) for the second consecutive week. Therefore, the underlying trend remains in a “neutral” state.

2. Cycles

As explained 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 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. Thus, 2024 corresponds to the 16th year of this cycle.

The continuation can be viewed in the PDF.

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