Market Analysis for The Week of 2/1
Risk Transmission to Equities?
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The 2026 Equity Markets Year Ahead can be seen here: 2026 Equity Markets Year Ahead
In the 2026 Equity Markets Year Ahead video (above), we discussed what a clean upside break of this multi-month range on ES would look like. We have seen nothing of the sort, with each nominal new high sold off 1-2% or more. NQ still hasn’t even made a new high since the end of October. RTY (IWM) and YM (DIA) have certainly been much stronger but have cooled off as of late. The flip side of that is sellers have done nothing but panic cover on dips. In short, there has been no conviction on either side. We saw a major liquidation event in precious metals on Friday, and the weakness in crypto (aside from HYPE) has continued and accelerated this weekend. Equities held up reasonably well on Friday. Will that continue, or is a larger liquidation event in equities looming as well?
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