MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.11 2024

1. Review

Last week, the Nikkei stock average closed at 39,500, up 1,447 points from the previous week. The week's low was on the 5th (Tuesday) at 38,159. The week's high was on the 7th (Thursday) at 39,884. Because the closing price exceeded the weekly resistance line, sentiment was bullish. Therefore, the sequence of weakness is deemed to have ended.

In fact, this close surpassed the Weekly Trend Indicator Point (TIP) for the first time in four weeks. However, the fundamental outlook is still considered to be in a “neutral” state.

2. Cycles

This will be explained in the December release of 'Forecast 2025', but the Nikkei stock average has a long-term market cycle of 17 years. Its starting point is October 28, 2008, at 6,994. This cycle is divided into two 8.33-year segments, with the first half ending at June 24, 2016, at 14,864 and February 12, 2016, at 14,865, forming a “double bottom.” The second half (the 2nd 8.33-year cycle) has begun. Therefore, 2024 corresponds to the 16th year of the 17-year cycle.

For more details, please refer to the PDF file.

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