MMA Weekly Report Nikkei Stock Average By Raymond Merriman Nov.9 2026

1. Review

Last week the Nikkei Stock Average closed at 57,434, down 5,856 points from the previous week. The week's high was on Monday the 2nd at 63,615. The week's low was on Friday the 6th at 56,745. The closing price for the week was below the weekly downside support line, so it was bearish. Therefore, the continuation of the bearish trend did not seem to have ended yet. In fact, this closing price had fallen below the weekly Trend Indicator Point (TIP) for four consecutive weeks. As a result, the overall trend was downgraded from “neutral” to “downtrend.”

2. Cycles

As has been stated before, in ‘Forecast 2026’ the long-term market cycle timing for the Nikkei Stock Average has been changed from 17 years to 19 years. However, the starting point of October 28, 2008 at 6,994 remains unchanged. 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 future course of the long-term market cycle remains dependent on the movement of the near-term PC (usually 12–20 weeks). There is no change in this regard.

For the continuation, please refer to the PDF file.

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