MMA Weekly Report Nikkei Stock Average By Raymond Merriman Apr.20 2026

1. Review

Last week the Nikkei average closed up 1,551 points from the previous week at 58,475. The week's low was 56,232 on Monday the 13th. The week's high was 56,232 on Thursday the 16th. Although the weekly high exceeded the upper resistance line, the close remained within this area, so sentiment was mostly bullish. Therefore, the bullish streak is still continuing. In fact, this close price surpassed the Weekly Trend Indicator Point (TIP) for two consecutive weeks and also updated an all-time high. As a result, the underlying tone has been raised from “neutral” to “on the verge of an uptrend.”

2. Cycles

As has been stated before, in “Forecast 2026” the long-term market cycle for the Nikkei average has been changed from 17 years to 19 years. However, the starting point of October 28, 2008, at 6,994 remains unchanged. Therefore, where this 19-year cycle bottomed, 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 built on a 4-year cycle, and the development of future long-term market cycles will still be influenced by the near-term PC (typically 12–20 weeks).

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