MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Jul.29 2024

1. Review

Last week the Nikkei Stock Average closed at 37,667, down 2,396 points from the previous week. The week's high was 39,973 on Monday the 22nd. The week's low was 37,611 on Friday the 26th. The closing price for the week remained below the weekly downside support line, so it was bearish. The bearish run continues. In fact, this closing price has fallen below the Weekly Trend Indicator Point (TIP) for two consecutive weeks. However, the overall trend remains in a “neutral” phase.

2. Cycles

As I explain 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 split into two halves by 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 here, the second half (the 2nd to the 8.33-year cycle) has begun. Therefore, 2024 corresponds to the 16th year of that cycle.

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