MMA Weekly Report Nikkei Average Stock Average By Raymond Merriman Jul.16 2024

1. Review

Last week, the Nikkei Stock Average closed at 41,190, up 278 points from the previous week. The week's low was on Monday the 8th at 40,780. The week's high was on Thursday the 11th at 42,426. The weekly high surpassed the resistance line but then retraced. Since the closing price closed below, it triggered a bearish signal. This suggests that the bullish streak may have ended. However, the closing price still exceeded the Weekly Trend Indicator Point (TIP) for the third consecutive week. Furthermore, last week the market reached a new record high. Therefore the underlying trend has shifted from “near an uptrend” to an actual uptrend.

2. Cycles

As I explained in my book “Forecast 2024,” there exists a long-term market cycle of 17 years in the Nikkei Stock Average.

Its 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 June 24, 2016 at 14,864 and February 12, 2016 at 14,865. From here, the second half (the 2nd to the 8.33-year cycle) began. Therefore, 2024 is the 16th year of this cycle.

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