MMA Weekly Report Nikkei Average Stock Price By Raymond Merriman Jan.19 2026

1. Review

The Nikkei Stock Average closed last week at 53,936, up 1,997 points from the previous week. The weekly low was on the 13th (Tuesday) at 52,741. The weekly high was on the 14th (Wednesday) at 54,487. The closing value for the week remained above the weekly upside resistance line, marking a second consecutive week of bullishness. The bullish streak is not yet over. In fact, this closing value was above the Weekly Trend Indicator Point (TIP) for 7 of the 8 weeks. Therefore the underlying trend remains in an “uptrend” state.

2. Cycles

In “Forecast 2026,” the long-term market cycle for the Nikkei Average has been changed from 17 years to 19 years. However, there is no change to the starting point: October 28, 2008, at 6,994. Therefore, where this 19-year cycle makes its bottom, or whether it has not yet bottomed, will be the focus in 2026. That said, there is no change to the view that the current market is composed of a four-year cycle, and the future development of long-term cycles will still be influenced by the near-term PC (typically 12–20 weeks) movements. The currently notable lows are August 5, 2024 at 31,156 and April 7, 2025 at 30,792. Furthermore, both lows are PC bottoms surrounded by the November 28, 2024, 37,801, over 16 weeks and 19 weeks respectively. The question, however, is how to view the PC movements after that.

Please refer to the PDF file for the continuation.

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