MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Jun.24 2024

1. Review

Last week the Nikkei Stock Average closed down 218 points from the previous week at 38,596. The week's low was 37,950 on Monday the 17th, and the week's high was 38,797 on Wednesday the 19th. Although the week's low fell below the support line, the closing price closed above it, which was a bullish trigger. However, since the closing price this week fell below the Weekly Trend Indicator Point (T.I.P.) for the first time in three weeks, the overall trend remains in a neutral 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 is October 28, 2008, at 6,994. This cycle is divided into two parts over an 8.33-year cycle, with the first half ending at the 'double bottom' of 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.

* MMA Report is analyzed from Mr. Meriman's unique perspective and is created for informational purposes and does not constitute a buy/sell recommendation.

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