MMA Weekly Report Nikkei Stock Average By Raymond Merriman Sep.2 2024

1. Review

The Nippon Stock Average (Nikkei 225) closed last week at 38,647, up 283 points from the previous week. The week's low was August 26 (Monday) at 37,825. The week's high was August 30 (Friday) at 38,669. The closing price moved within the lower boundary support line and upper resistance line for the week, so it was neutral, but the uptrend for the bullish sequence is likely still continuing. In fact, this closing price exceeded the Weekly Trend Indicator Point (TIP) for three consecutive weeks. Therefore the underlying trend has been upgraded from “neutral” to “uptrend.”

2. Cycles

As explained in my book “Forecast 2024,” the Nikkei 225 has a long-term market cycle of 17 years.

The starting point is October 28, 2008, at 6,994. This cycle is split into two by an 8.33-year cycle, 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. Since then the second half (the 2nd–8.33-year cycle) has begun. Therefore, 2024 corresponds to the 16th year of this cycle.

To read more, please refer to the PDF file.

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