MMA Weekly Report Nikkei225 Average Stock Price By Raymond Merriman Oct.28 2024

1. Review

The Nikkei 225 average closed last week at 37,913, down 1,067 from the previous week. The week's high was 39,119 on Monday, the 21st. The week's low was 37,712 on Thursday, the 24th. The closing price fell below the weekly support line, marking a bearish trend for two consecutive weeks. Therefore this is a run of bearishness. In fact, this closing price has fallen below the Weekly Trend Indicator Point (TIP) for the second consecutive week. However, the underlying trend remains in a “neutral” state.

2. Cycles

As explained in the December issue of Forecast 2025, there is a long-term market cycle of 17 years in the Nikkei 225. Its 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 June 24, 2016, when the index stood at 14,864, and the second half beginning on February 12 of the same year at 14,865, forming a “double bottom.” From there, the second half (the 2nd 8.33-year cycle) began. Therefore, 2024 corresponds to the 16th year of the 17-year cycle.

Please refer to the PDF file for more details.