MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.2 2026

1. Review

Last week the Nikkei index closed up 597 points from the previous week at 63,290. The week's low was October 26 (Monday) at 62,094. The week's high was October 29 (Thursday) at 64,831. The weekly high approached the upper resistance line but did not break above and turned down. At the close, it moved between the weekly support line and the weekly resistance line, so it was neutral. However, whether the sequence of weakness has ended is not clear at this time. In fact, this closing price had fallen below the Weekly Trend Indicator Point (TIP) for three consecutive weeks. Therefore, it should have been downgraded to “downtrend,” but since the weekly candle closed higher, the overall tone remains “neutral.”

2. Cycles

As previously stated, in “Forecast 2026” the long-term market cycle wavelength for the Nikkei stock average has been changed from 17 years to 19 years. However, the starting point remains October 28, 2008, at 6,994. 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 in the view that the current market is built on a 4-year cycle, and the development of the long-term cycle going forward will depend on the movements of the recent PC (typically 12–20 weeks), with no change to that point.

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