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Good Thursday Morning, MPTraders! January29, 2026-- Pre-Market Update:-- There are two trading days remaining in January... -- All else being equal, the January Seasonal Tendency is for SPX strength today and tomorrow into month-end (see Seasonal Graphic below)...-- Headline Risk this AM: President Trump holds a Cabinet Meeting at 11 AM ET, which could be open to the press again...-- Notable Earnings After the Close: AAPL-- Geopolitical Risk Rhetoric is Climbing Rapidly concerning an imminent Persian Gulf War. We will examine some select Energy Charts later this AM...
To call this move in gold now “extreme” is beyond an understatement. Moreover, not only did we get the spike out of the channel in continuation of this parabola, but it has even accelerated further, which now places us in what I believe to be a dangerous environment. These types of moves usually end with a VERY strong reversal and drop to the region from which this diagonal began.
Today, the market broke lower, moving beneath the upper micro support that I outlined yesterday. With that break, focus now shifts to the larger support zone below, which has held thus far. From here, we will need to closely monitor the structure to the upside to determine whether the market can develop a full five-wave move higher, followed by a break of overhead resistance. That type of action would provide an indication that the market is ready to put in a bottom and push to new highs in the weeks and months ahead.
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