MMA Weekly Report Nikkei Stock Average By Raymond Merriman Sep.24 2026

1. Review

Last week the Nikkei Stock Average closed up 1,007 points from the previous week at 65,018. The week's low was 62,726 on Monday the 14th. The week's high was 65,436 on Friday the 18th. The week's range moved between the weekly lower support line and the weekly upper resistance line, so neutral. However, since the close price fell below the Weekly Trend Indicator Point (TIP) for four consecutive weeks, the underlying trend remains in a “downtrend.”

2. Cycles

As stated previously, in “Forecast 2026” the long-term market cycle of the Nikkei Stock Average has been adjusted 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 yet bottomed, will be the focus in 2026. That said, there is no change to the view that the current market is composed of a four-year cycle, and the development of future long-term cycles will still be influenced by the recent PC (typically 12–20 weeks) movements.

The continuation can be viewed in the PDF file.

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