MMA Weekly Report Nikkei Stock Average By Raymond Merriman Sep.14 2026

1. Review

Last week, the Nikkei Stock Average closed down 1,009 points from the previous week at 64,011. The week's high was 66,791 on the 8th (Tuesday). The week's low was 63,208 on the 11th (Friday). The week's high exceeded the weekly upside resistance line but turned down. The week's low fell below the weekly downside support line but then rebounded. At the week’s close, it moved between the weekly upside resistance line and the weekly downside support line, showing a neutral stance with mixed strength. Moreover, since this close failed to surpass the weekly Trend Indicator Point (TIP) for three consecutive weeks, the underlying trend remains interpreted as a “downtrend” being maintained.

2. Cycles

As previously stated, in “Forecast 2026,” the long-term market cycle for the Nikkei Stock Average has been shifted from 17 years to 19 years. However, there is no change to the starting point at 6,994 on October 28, 2008. Therefore, where this 19-year cycle bottoms, or whether it has not bottomed yet, is the focus for 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 still be influenced by the movement of the near-term PC (usually 12–20 weeks).

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