MMA Weekly Report Nikkei Stock Average By Raymond Merriman Dec.2 2024

1. Review

Last week, the Nikkei stock average closed at 38,208, down 75 points from the previous week. The week's high was 39,053 on Monday the 25th. The week's low was 37,801 on Thursday the 28th. The week's high exceeded the weekly resistance line but then pulled back. The week's low fell below the weekly support line, but closed above it, resulting in a mixed strength and neutral stance. Furthermore, the closing value for the week fell below the Weekly Trend Indicator Point (TIP) for the second consecutive week, but the underlying trend remains in a “neutral” state.

2. Cycles

This is explained in the December release of the “Forecast 2025,” which states that the Nikkei has a long-term cycle of 17 years. The starting point is 6,994 on October 28, 2008. This cycle is divided into two 8.33-year segments; the first half ended with the “double bottom” at 14,864 on June 24, 2016 and 14,865 on February 12, 2016. From there, the second half (the 2nd to the 8.33-year cycle) began. Therefore, 2024 was the 16th year of the 17-year cycle.

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