Weekend Report for Monday, February 1, 2026
Bottom Line:
US indices continue to hold up, and some of them continue to trade in and out of new ATHs. There are some technical divergences suggesting momentum is dropping. Market structure in the SPX and NDX is suggesting a sharp move, soon. IF that sharp move is higher it may clear up the negative divergences.
PDF: Weekend Report_2026_02_01
VIDEO: https://youtu.be/hPnmtV7eec8
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SPX
The SPX is incredibly whippy, going net nowhere.
NDX
The NDX is in a similar position as the SPX, but note Friday’s close was above the mid-point in the SPX but below it in the NDX.
DOW
The DOW is currently trading below significant volume.
NYA
The NYA formed a selling tail on Thursday. It has been incredibly strong to this point, so this is something to watch.
RSP
RSP in a similar position as the NYA.
RUT
Internals
The NYSE cumulative A/D line has a slight divergence against recent highs.
This view of the internals shows a decreasing momentum, consistent with the current position of the NYSE Cumulative A/D line.
VIX continues to increase, which typically does not occur in strong uptrends and often presages significant declines when it does occur in an uptrend.
US Dollar – Weekly
From last weekend’s Report: The US Dollar is now below significant volume of all recent trade, and appears headed to test the 96 area.
The Dollar dipped below 96 and immediately bungee jumped back above it. That is obviously an extremely key level that for now has been defended by Big Money.
US 10-yr Notes – Weekly
No change: The 112’07 level in Notes needs to be regained quickly or Notes are likely to accelerate lower.
Gold
From last weekend’s Report: Freight train to the upside. Some retracement/Balance is increasingly likely.
Gold increased another 12% from last weekend’s report, then “crashed” on Friday.
We will very likely soon see Balance form.
SILVER
Parabolic moves in commodities ALWAYS end this way.
Crude – Weekly
From last weekend’s Report: I’m favoring longs against last week’s lows.
Is Crude the new Gold???
Bitcoin
BTC is at the edge of the abyss. It needs to close above 91000 to give hope for a bullish assumption.
