MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jun.17 2024

1. Review

The Nikkei Stock Average closed last week up 130 points from the previous week at 38,814. The week's high was 39,336 on Tuesday the 11th. The week's low was 38,554 on Friday the 14th. The week's high exceeded the upper resistance line, but the closing price fell below it, triggering a bearish signal. However, this closing price remained above the Weekly Trend Indicator Point (TIP) for two consecutive weeks. Nevertheless, the underlying trend remains in a “neutral” state.

2. Cycles

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

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