MMA Weekly Report Nikkei 225 Stock Average By Raymond Merriman May 18, 2026

1. Review

Last week the Nikkei 225 average closed down 1,304 points from the previous week at 61,409. The week's high was on the 14th (Thursday) at 63,799. The week's low was on the 15th (Friday) at 60,937. Although the week's high exceeded the weekly upside resistance line, it pulled back. Although the week's low approached the weekly downside support line, it rebounded. At the week's close, it was moving between the weekly downside support line and the weekly upside resistance line, so neutral. However, this close price was above the Weekly Trend Indicator Point (TIP) for six consecutive weeks, and the recent week also marked an all-time high. Therefore, the underlying trend remains in an “upward trend” state.

2. Cycles

As has been stated before, 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 base starting point of October 28, 2008, at 6,994. Therefore, where this 19-year cycle forms a bottom, or whether it has not yet bottomed, will be a focus in 2026.

Please see the PDF file for the continuation.

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