MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jul.1 2024

1. Review

Last week the Nikkei 225 index closed at 39,583, an increase of 986 points from the previous week. The week's low was 38,416 on Monday the 24th, and the week's high was 39,788 on Wednesday the 26th. Since the closing price surpassed the weekly resistance line, it continued the bullish trigger from the previous week. This is a sustained bullish trend; in fact, the closing price surpassed the Weekly Trend Indicator Price (TIP) for the first time in three weeks. However, 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 divides into two 8.33-year segments; the first half ended with a “double bottom” at 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. From here the second half (the 2nd–8.33 year cycle) began. Therefore, 2024 corresponds to the 16th year of that cycle.

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