MMA Weekly Report Nikkei Stock Average By Raymond Merriman Mar.23 2026

1. Review

Last week the Nikkei Stock Average closed at 53,372, down 447 points from the previous week. The week’s low was 51,407 on Monday the 16th. The week’s high was 55,239 on Wednesday the 18th. The weekly range moved between the weekly downside support line and the weekly upside resistance line, so it was neutral. However, the week’s closing price fell for the third consecutive time below the Weekly Trend Indicator Point (TIP). Therefore, the underlying trend has been downgraded from “neutral” to a “downward trend.”

2. Cycles

As previously stated, in “Forecast 2026” we changed the long-term market cycle duration for the Nikkei Average from 17 years to 19 years. However, there is no change to the starting point at October 28, 2008, when it was 6,994. Therefore, where this 19-year cycle marks a bottom, or whether it has not yet bottomed, will be a focus for 2026.

For details, please refer to the PDF file.

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