2026-01-02
SPY gained 0.2% to $683 as China's PMI held at 50.1 and Europe's came in at 48.8. The market stayed trapped in a horizontal range, and selling pressure in a bullish season suggested limited upside.
Daily Market Analysis
January 2026
SPY gained 1.5% to $692 in a month spent mostly near the all-time high. The Powell investigation and Greenland tariff threats fed a 2.0% drop on January 20, and a framework that removed the threat sparked a rebound. Mega-cap tech earnings and Kevin Warsh as the pick to replace Powell closed out the month.
A complete intraday market analysis for each day is listed below.
2026-01-05
SPY gained 0.7% to $688 as the last day for a Santa Claus rally arrived with soft price action. The capture of Maduro was not expected to have a major market impact, and a busy week of economic releases began.
2026-01-06
SPY gained 0.6% to $692 as resistance at SPY $690 held and the market stayed trapped between $680 and $690. Valuations were high and employment soft, so the market needed a catalyst to break through.
2026-01-07
SPY dropped 0.3% to $690 as ADP showed 41K private sector jobs added, below the 49K expected but better than November's -29K. ISM Services and JOLTS were due after the open.
2026-01-08
SPY was flat at 0.0% and closed at $690 as the market made a new all-time high but erased all gains by the close, falling below its breakout, a sign of selling pressure. ISM Services rose to 54.4.
2026-01-09
SPY gained 0.7% to $694 as the jobs report added 50K jobs, slightly below expectations. The market rallied then gave back gains, and the Fed was likely to hold rates, leaving the economy without cuts.
2026-01-12
SPY gained 0.2% to $695 as the Powell headline pushed the market down 40 S&P 500 points overnight, a move seen as temporary. Earnings season began with large banks, with write downs and bad loan provisions in focus.
2026-01-13
SPY slipped 0.2% to $694 as the market ignored the investigation of Fed Chairman Powell and recovered the overnight drop. CPI came in at .2%, in line with expectations, and the focus stayed on earnings.
1
2026-01-14
SPY slipped 0.5% to $690 as the Supreme Court was expected to rule on tariffs. The binary event could move the market, with PPI at .3% and Retail Sales at .6% as expected.
2026-01-15
SPY gained 0.3% to $692 as the market flirted with the all-time high with earnings season underway. TSMC reported strong sales while bank stocks fared poorly, and Empire Manufacturing came in at 7.7 and Philly Fed at 12.6.
2026-01-16
SPY fell 0.1% to $692 as the rally stayed tenuous with sloppy, mixed overlapping candles. The market was within striking distance of the all-time high, and big banks reacted negatively while GS and MS performed well.
2026-01-20
SPY dropped 2.0% to $678 as a big overnight drop took the S&P 500 to its 50-day MA. Greenland rhetoric intensified and Trump threatened a 10% tariff on EU members voicing opposition.
2026-01-21
SPY gained 1.2% to $685 as the market rebounded after a tariff driven drop on Europe. Trump's Davos speech met expectations, and the Supreme Court gave no timeline on its tariff ruling.
1
2026-01-22
SPY gained 0.5% to $689 as the threat of EU tariffs faded after a possible Greenland framework with NATO. Buyers and sellers stayed active within tight trading ranges.
2026-01-23
SPY was flat at 0.0% and closed at $689 as tariffs threatened on the EU over Greenland were removed after a framework surfaced. The Supreme Court's tariff ruling remained a major market risk.
1
2026-01-26
SPY gained 0.5% to $693 as the market stayed stuck between the 50-day MA and the all-time high. Trump threatened 100% tariffs on Canada, and the market was starting to discount such threats.
2026-01-27
SPY gained 0.4% to $695 as the FOMC statement and mega cap tech earnings were set to drive the market. QQQ tried to break out of a wedge, and valuations were stretched.
2026-01-28
SPY was flat at 0.0% and closed at $695 as the market inched higher before mega cap tech earnings. QQQ broke out of its wedge and made a new all-time high, with the FOMC statement seen as a nothing burger.
2026-01-29
SPY slipped 0.2% to $694 as stock valuations looked lofty and great results were expected. META, MSFT and TSLA had reported, and the Fed paused after three rate cuts while still concerned about inflation.
2026-01-30
SPY dropped 0.3% to $692 as Trump's pick of Kevin Warsh to replace Powell surprised markets because he had been hawkish. The Senate reached an agreement to prevent a government shutdown.
