Weekend Report for Monday, January 19, 2026
Bottom Line:
Broader US indices continue to seemingly make new ATHs every day. The SPX and NDX remained mired in a choppy day-to-day and intraday whipfest in increasingly mature Balance Areas.
The incredible incongruence between the SPX/NDX and the broader market is highly unlikely to continue. Things can get back in sync a number of ways, but from a trading perspective the best strategy is to honor the levels of the contract(s) youtrade.
PDF: Weekend Report_2026_01_19
VIDEO: https://youtu.be/0iaVmKTKJhg
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SPX
SPX Profile
The SPX is trading between two HVNs.
NDX
The NDX has spent 17 trade days over 95% of the time in a 2.3% range.
NDX Profile
DOW
DOW Profile
NYA
RSP
RUT
The Russell 2000 is up 8.57%, print low to high, for the year. It has made a higher print high every day so far this year (11 days), and has closed higher 9/11 days.
It is increasingly likely to at least form some Balance that will include retracement. The initial drop is likely to be quite sharp.
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US Dollar – Weekly
Between levels.
US 10-yr Notes – Weekly
Notes appear to be breaking to the downside from a Balance Area. This has the potential for immediate acceleration lower.
Gold
I’m not sure what to make of Friday’s trade in Gold. Certainly, Friday’s low is now important, at least short-term.
Crude – Weekly
I’ve been posting this for a couple of weeks: Crude is going to move REALLY sharply, soon.
Crude is testing its breakout point, similar to what Bitcoin did (see below).
Bitcoin
From last weekend’s Report: Bitcoin is in a mulit-week Balance Area. It is testing its potential breakout level.
Consider longs against last week’s lows.
