Market Analysis and Trades for 1/23
Just a Lower High, or Back to New Highs?
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The 2026 Equity Markets Year Ahead can be watched here: 2026 Equity Markets Year Ahead
The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. It can be found here Market Analysis for the Week of 1/18
Bulls accomplished nearly everything they needed to today. The overnight low held the key 6908.5-6911 needed to trigger an upside break, bulls defended the gap fill reversal at open, and made a higher high stalling at the 6969-6973.5 level. This is effectively the “final boss” for ES bulls. This failure triggered a look above and fail of the IB high which triggered weakness into the close.
SPX closed right at its 20-sma with an indecision doji. Tomorrow’s action and finalized weekly profile will be critical in determining the next move for indices.
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