My S&P 500 call to observe ES behavior in the low 6,920s and 6,936 came very true. The opening bell spike to high 6,950s was swiftly rejected, 6,936 gave way as support, and low 6,920s were undershot… with prices rebounding back to 6,930s.
My 6,936 level talked for good two days already, stood firm – and sellers jumped at the opportunity to sell and short in the final two hours of the day. Told you it was about year end positioning and taxes… they didn‘t wait to sell for Friday.
Thus in the sea of red – look at how TSLA, HOOD and PLTR fared – was NKE… the rare one in discretionaries when not even ANF or LULU could push higher (each for their different reasons), or XRT do well.
Expect a light volume session tomorrow that would be most insightful in terms of individual names positioning for 2026. It‘s on the cautious note as talked yesterday already – see how increase in rates couldn‘t drive the dollar much higher?
Source: https://www.fxstreet.com/news/early-2026-expectations-202601012354
