MMA Weekly Report Nikkei Stock Average By Raymond Merriman Sep.17 2024

【Notice】Because an international MMA forum will be held in Slovenia from September 19 to 22, the next Weekly Report will be on hiatus.

1. Review

The Nikkei Stock Average closed last week up 190 points at 36,581 from the previous week. The week's low was 35,247 on Monday the 9th. The week's high was 36,902 on Thursday the 12th. The week's low approached the lower support line but did not break it and rebounded. At the close, it moved between the lower support line and the upper resistance line, so it was neutral, though slightly firm. However, this closing price fell below the Weekly Trend Indicator Point (TIP) for two consecutive weeks. Therefore the underlying trend remains in a “neutral” state.

2. Cycles

As explained in my book “Forecast 2024,” there is a long-term market cycle of 17 years in the Nikkei Stock Average. The starting point is October 28, 2008, at 6,994. This cycle is divided 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, 2016. The second half (the 2nd 8.33-year cycle) has begun. Therefore, 2024 is the 16th year of that cycle.

For details, please refer to the PDF file.

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