MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jun.3 2024

1. Retrospective

Last week the Nikkei 225 Stock Average closed at 38,487, down 158 points from the previous week. The week's high was May 29 (Wednesday) at 39,141. The week's low was May 30 (Thursday) at 37,617. Last week, the price fell below the weekly downside support line, but at the close it rose above it and traded between the downside support line and the upside resistance line, indicating a bullish trigger. However, this close price fell below the Weekly Trend Indicator Point (TIP) for the first time in four weeks. Therefore, the overall 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 splits into two 8.33-year segments, with the front half ending at a “double bottom” formed by June 24, 2016 at 14,864 and February 12, 2016 at 14,865. From there, the second half (the 2nd 8.33-year cycle) has begun. Therefore, 2024 corresponds to the 16th year of that cycle.

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