MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jan.5 2026

1. Review

Last week the Nikkei Stock Average closed at 50,339, down 411 points from the previous week. The week's high was 50,707 on Monday, December 29.

The week's low was 50,198 on Wednesday, December 30. This low approached the weekly downside support line but did not break and rebounded. At the close, it moved between the weekly downside support line and the weekly upside resistance line, so it was neutral. However, it remained firm. In fact, this closing price exceeded the Weekly Trend Indicator Point (TIP) in five of six weeks. Therefore the underlying trend remains in an “upward trend.”

2. Cycles

In “Forecast 2026,” the long-term market cycle duration for the Nikkei Stock Average has been changed from 17 years to 19 years. However, there is no change to the starting point of October 28, 2008, at 6,994. Therefore, where this 19-year cycle bottomed or whether it has not yet bottomed will be the focal point for 2026.

For more, please see the PDF file.

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