MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jun.10 2024

1. Review

The Nikkei 225 average closed the week at 38,683, up 196 points from the previous week. The week's high was 39,032 on Monday the 3rd. The week's low was 38,343 on Wednesday the 5th. The week's range remained neutral as it moved between the weekly lower support line and upper resistance line. However, this closing value rose above the Weekly Trend Indicator Point (TIP) for the first time in four weeks. Therefore, the underlying trend remains in a “neutral” state.

2. Cycles

As I also explain in my book “Forecast 2024,” the Nikkei 225 has a long-term market cycle of 17 years. The starting point is October 28, 2008, at 6,994. This cycle splits into two 8.33-year subcycles, with the first half ending at the “double bottom” of June 24, 2016 at 14,864 and February 12, 2016 at 14,865. 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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