MMA Weekly Report Nikkei Stock Average By Raymond Merriman Feb.2 2026

1. Review

Last week, the Nikkei Stock Average closed at 53,322, down 524 points from the previous week. The week's low was 52,194 on Tuesday the 27th. The week's high was 53,742 on Thursday the 29th. Although the week's low also dipped below the weekly lower support line, the closing price for the week was above it, indicating a bullish trigger for two consecutive weeks. Therefore, the bullish momentum does not appear to have ended yet. In fact, this closing price was above the Weekly Trend Indicator Point (TIP) for 9 out of 10 weeks in the 10-week period. Thus, the underlying trend remains in an “uptrend.”

2. Cycles

As has been stated previously, in “Forecast 2026,” the Japanese stock average long-term cycle timing has been shifted from 17 years to 19 years. However, there is no change to the starting point at October 28, 2008’s 6,994. Therefore, where this 19-year cycle bottomed, or whether it has yet to bottom, will be a focal point in 2026. That said, there is no change to the view that the current market is constituted by a 4-year cycle, and the development of future long-term cycles will still be influenced by near-term moves in the PC (usually 12–20 weeks).

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