MMA Weekly Report Nikkei Stock Average By Raymond Merriman Jul.6 2026

1. Review

Last week the Nikkei Stock Average closed up 384 points from the previous week at 69,744. The week's high was 71,962 on Wednesday the 1st. The week's low was 67,609 on Friday the 3rd. The week's high approached the weekly upside resistance line but did not break above it and turned down. Since the closing price was below, it is neutral but weak. However, the bullish streak may still be continuing. In fact, the week's closing price exceeded the Weekly Trend Indicator Point (TIP) for the 13th consecutive week. Therefore, the underlying trend remains in an “upward trend” state.

2. Cycles

As previously stated, in “Forecast 2026,” the long-term market cycle timing for the Nikkei Stock Average has been revised 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 bottomed or whether it has not bottomed yet will be the focus in 2026. That said, there is no change to the view that the current market is built in a 4-year cycle, and the outlook for future long-term cycle developments remains dependent on the near-term PC (usually 12–20 weeks). And currently, from the viewpoint of the long-term cycle, very important lows are August 5, 2024 at 31,156 and April 7, 2025 at 30,792.

Further details can be found in the PDF file.

* MMA Report is prepared from Mr. Meriman’s unique perspective for information provision and is not intended to provide buy/sell recommendations.

* Please make investment decisions at your own risk.

* Unauthorized copying or distribution of this report constitutes a breach of contract. If any breach is discovered, legal action may be taken, and distribution will be paused during your subscription period. Thank you for your understanding and cooperation.