MMA Weekly Report Nikkei Stock Average By Raymond Merriman Feb.9 2026

1. Review

The Nikkei Stock Average closed last week at 54,253, up 931 points from the previous week. The week's low was 52,655 on Monday the 2nd. The week's high was 54,782 on Tuesday the 3rd. Although the week's low again fell below the weekly downside support line, it rebounded. At the weekly close it closed above the weekly upside resistance line, indicating a strong bullish state that continues for a second consecutive week. Therefore, the bullish streak remains in effect. In fact, this close was 10 weeks above the Weekly Trend Indicator Point (TIP) for 11 weeks into the week. Therefore the overall trend remains in an “upward trend” state.

2. Cycles

As previously stated, in “Forecast 2026” the long-term market cycle days for the Nikkei Stock Average have 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 bottoms, or whether it has not yet bottomed, will be a 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 the long-term market cycle will continue to be influenced by the near-term PC (typically 12–20 weeks) movements.

Please see the PDF file for the continuation.

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