MMA Weekly Report Nikkei Stock Average By Raymond Merriman Oct.15 2024

1. Review

Last week, the Nikkei Stock Average closed at 39,605, up 970 points from the previous week. The week's low was 38,817 on October 8 (Tuesday). The week's high was 39,668 on October 11 (Friday). Since the closing value surpassed the weekly resistance level, the market was bullish. Furthermore, this closing value exceeded the Weekly Trend Indicator Point (TIP) for four consecutive weeks. Therefore the prevailing trend remained in a rising (upward) state.

2. Cycles

This will be explained in the December issue of the 'Forecast 2025', but the Nikkei Stock Average has a long-term market cycle of 17 years. The starting point is October 28, 2008, at 6,994. This cycle divides into two halves on an 8.33-year cadence; for example, the first half ended with the double bottom at 14,864 on June 24, 2016 and 14,865 on February 12 of the same year. The second half (the 2nd - 8.33-year cycle) has begun. Therefore, 2024 corresponds to the 16th year of the 17-year cycle.

Please refer to the PDF file for the continuation.

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