MMA Weekly Report Nikkei Stock Average By Raymond Merriman Sep.9 2024

1. Review

Last week the Nikkei Stock Average closed down 2,256 points from the previous week at 36,391. The week's high was 39,080 on Monday the 2nd. The week's low was 36,235 on Friday the 6th. The closing price fell below the weekly downside support line, so sentiment was bearish. With this, the streak of bullish momentum appears to have ended. In fact, this closing price had fallen below the weekly trend indicator point (TIP) for the first time in four weeks. Therefore the underlying trend has been downgraded from an “uptrend” to a renewed “neutral.”

2. Cycles

As I also 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 divided into two halves 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. From here, the second half (the 2nd–8.33-year cycle) begins. Therefore, 2024 corresponds to the 16th year of that cycle.

For more, please refer to the PDF file.

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