MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Jul.22 2024

1. Review

The Nikkei Stock Average closed at 40,063, down 1,127 points from the previous week. The week's high was on Tuesday the 16th at 41,520. The week's low was on Friday the 19th at 39,824. The closing price fell below the weekly downside support line, continuing the prior week's bearish trigger, forming a continuation of bearish sentiment. This appears to be a sequence of bearishness, and the sequence of bullishness seems to have ended. In fact, this closing price fell below the weekly Trend Indicator Point (TIP) for the first time in four weeks. Therefore, the underlying trend has been downgraded from “uptrend” to “neutral.”

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 split into two 8.33-year subcycles, with the first half ending at the “double bottom” of 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) has begun. Thus, 2024 corresponds to the 16th year of that cycle.

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