MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.4 2025

1. Review

The Nikkei Stock Average ended last week up 3,112 points from the previous week at 52,411. The week's low was 49,838 on Monday, October 27. The week's high was 52,411 on Friday, October 31. Since the closing price for the week exceeded the upper resistance line for the week, the outlook was bullish for the second consecutive week. The bullish sequence remains in progress. In fact, this closing price exceeded the Weekly Trend Indicator Point (TIP) in 23 of 24 weeks. Therefore the underlying trend remains in a rising-trend state.

2. Cycles

This will also be explained in December's issue of 'Forecast 2026', but the Nikkei Stock Average has a long-term market cycle of 17 years. Its starting point was 6,994 on October 28, 2008. This cycle divides into two with an 8.33-year span, and the first half ended with a “double bottom” between 14,864 on June 24, 2016 and 14,865 on February 12, 2016. From here the second half (the 2nd–8.33-year cycle) began. 2025 corresponds to the 17th year of the 17-year cycle.

Please see the continuation in the PDF file.

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