MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Aug.26 2024

1. Review

The Nikkei Stock Average closed last week at 38,364, up 302 points from the previous week. The week's low was 37,318 on Monday the 19th. The week's high was 38,424 on Friday the 23rd. The weekly close was moving between the lower support line and the upper resistance line, so neutral, but it is likely that the bullish streak continues. In fact, this close exceeded the Weekly Trend Indicator Point (TIP) for the second week in a row. However, the underlying trend remains in a “neutral” state.

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 divided into two 8.33-year segments, 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. Therefore, 2024 corresponds to its 16th year.

For more, please refer to the PDF file.

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