MMA Weekly Report Nikkei Stock Average By Raymond Merriman Oct.26 2026

1. Review

Last week, the Nikkei Stock Average closed at 62,693, down 2,631 points from the previous week. The week's high was 65,404 on Wednesday the 21st. The week's low was 61,462 on Thursday the 23rd of October. The closing price for the week fell below the weekly support line, signaling a second consecutive week of weakness. The streak of weakness continues. In fact, this closing price has fallen below the Weekly Trend Indicator Price (TIP) for two consecutive weeks. However, the underlying trend remains in a “neutral” state.

2. Cycles

As previously stated, the “Forecast 2026” changes the long-term market cycle duration for the Nikkei Stock Average 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 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 composed of a four-year cycle, and the development of future long-term market cycles will still be influenced by the recent PC (usually 12–20 weeks) movement—there is no change to this point.

Please see the PDF file for the continuation.

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