MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jul.8 2024
1. Review
Last week the Nikkei 225 average closed up 1,329 points from the previous week at 40,912. The week's low was on the 2nd (Tuesday) at 39,457. The week's high was on the 5th (Friday) at 41,100. The close for the week remained above the weekly upper resistance line, so the outlook is bullish. Therefore the bullish streak continues. In fact, the close for the week exceeded the Weekly Trend Indicator Point (TIP) for the second consecutive week. Furthermore, last week the market reached a record high. Accordingly, the underlying tone has been upgraded from “neutral” to “almost in an uptrend.”2. Cycles
As I explained 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 is divided 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 then 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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