MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Aug.5 2024

1. Review

Last week the Nikkei stock average closed at 35,909, down 1,758 points from the previous week. The week's high was July 31 (Wednesday) at 39,188.

The week's low was August 2 (Friday) at 35,880. The closing price for the week remained below the weekly support line on the downside, so the sentiment was weak. The streak of weakness continues. In fact, this closing price had fallen below the Weekly Trend Indicator Point (TIP) for three consecutive weeks. Therefore the overall trend has been downgraded from “neutral” to “downtrend.”

2. Cycles

As 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 front half ending at a “double bottom” of 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The back half (the 2nd–8.33-year cycle) has begun. Therefore, 2024 corresponds to the 16th year of that cycle.

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