MMA Weekly Report Nikkei Stock Average By Raymond Merriman Aug.19 2024

1. Review

The Nikkei Stock Average closed last week at 38,062, up 3,037 points from the previous week. The week's low was on the 13th (Tuesday) at 35,476. The week's high was on the 16th (Friday) at 38,143. Since the closing price exceeded the weekly resistance level, it implies that the bullish trigger from the previous week is being carried forward, marking a shift to a bullish stance. As a matter of fact, this close surpassed the Weekly Trend Indicator Point (TIP) for the first time in five weeks. Therefore the prevailing tone has been upgraded from a “downtrend” to “neutral.”

2. Cycles

As I also explain 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 divides into two 8.33-year cycles, with the front 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. Therefore, 2024 corresponds to the 16th year of this cycle.

Please see the PDF file for the continuation.

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