Opening Market Briefing

1. Executive Summary

Morning Markets: Tuesday, January 13, 2026

Global equity markets are navigating a mixed environment this Tuesday, with a notable absence of strong directional momentum. Pre-market indications suggest a continuation of the recent trend characterized by sectoral rotations and selective capital flows.

US Index Futures

US equity index futures, including the S&P 500 (US500) and Nasdaq 100 (NAS100), are showing a modest positive bias of approximately +0.03% in early trading. Traders will be closely monitoring key technical levels, with a particular emphasis on potential breakouts or fakeouts around recent highs and lows. The overall sentiment remains cautiously optimistic, but technical vigilance is advised.

Pre-Market Tone & Volatility

The pre-market tone is one of guarded anticipation. While there is no immediate indication of systemic stress, the VIX – a key gauge of market volatility – remains at intermediate levels. This suggests that the market is pricing in a moderate risk of tactical corrections, though without signaling a broader market downturn. The prevailing mood is set to remain sensitive to macroeconomic developments.

Top Movers & Tactical Focus

In line with the broader market context of selective flows and sectoral rotations, individual equity performance is anticipated to be highly differentiated. While no specific broad top movers have yet emerged, attention will likely be on sectors and companies responding to specific news or displaying strong technical setups. The day's tactical focus remains centered on awaiting new macro catalysts. Investors and traders are advised to maintain a tactical approach, focusing on established support and resistance levels, and remaining alert to sudden headline-driven movements that could influence market direction.

2. Overnight Session & Macro Calendar

Morning Markets: Awaiting Fresh Catalysts Amidst Subdued Trading

Global markets are showing a muted start to the day, with investors largely on the sidelines awaiting fresh economic data and policy signals. This cautious sentiment is prevalent across major regions, indicating a period of consolidation after recent market movements.

Asia

• Asian markets are experiencing limited directional strength this morning. Trading volumes remain contained, with a primary focus on local news developments and key economic data releases from China and Japan.
• Indices such as the Nikkei and Hang Seng are reflecting this lack of strong conviction, with minor fluctuations dominating early trade.

Europe

• European futures are displaying minimal movement, suggesting a neutral opening for the region's equity markets.
• The overall sentiment remains balanced as investors actively search for new macroeconomic or political catalysts that could provide clearer direction for indices like the DAX and EuroStoxx.

Macro Calendar (CET)

Today's macroeconomic calendar, while moderate in overall significance, features several publications that hold the potential to influence market sentiment across indices and foreign exchange (FX) markets.

• Morning: The focus will be on confidence and production indicators from the Eurozone, alongside various local updates. These releases could offer insights into the region's economic health and potentially sway the euro.
• Afternoon: Attention will shift to the United States with the release of key data pertaining to inflation, employment, or economic activity (specifics depending on the day). These figures are crucial and expected to be significant drivers for the EURUSD currency pair and major US indices.
• Evening: Market participants should monitor any scheduled speeches from members of the Federal Reserve (Fed) or European Central Bank (BCE). Additionally, statistics on financial conditions will be scrutinized for potential volatility spikes, particularly in the wake of any hawkish or dovish commentary.

3. Technical Levels & Pivots

Morning Markets: Technical Levels (January 13, 2026)

Here's a technical overview of key instruments based on yesterday's closing data.

Gold (XAUUSD / GC)

Gold experienced a largely lateral session, closing near the lower end of its daily range. Yesterday's close was at 4,593.50, with a daily range between 4,582.80 and 4,616.90. Key classical pivot levels for today are P 4,597.73, with supports at S1 4,578.57 and S2 4,563.63. Resistances are observed at R1 4,612.67 and R2 4,631.83.

WTI Crude (CL)

WTI Crude saw a moderately bullish session, concluding towards the upper end of its daily range. It closed yesterday at 59.84, having traded within a range of 59.47 to 59.99. Today's classical pivot point is P 59.77. Support levels are S1 59.54 and S2 59.25, while resistance levels are R1 60.06 and R2 60.29.

EUR/USD

The EUR/USD pair traded largely sideways, with its closing price situated centrally within its daily range. Yesterday's close was 1.1663, and the daily range extended from 1.1658 to 1.1673. The classical pivot point is P 1.1665. Key supports are S1 1.1656 and S2 1.1650, with resistances at R1 1.1671 and R2 1.1679.

Nasdaq 100 (NDX)

The Nasdaq 100 had a largely lateral session, closing near the higher end of its daily range. It closed yesterday at 25,787.66, with a range between 25,602.56 and 25,850.86. The classical pivot point is P 25,747.03. Support levels are S1 25,643.19 and S2 25,498.73, while resistance levels are R1 25,891.49 and R2 25,995.33.

S&P 500 (SPX)

The S&P 500 experienced a largely lateral session, closing towards the upper part of its daily range. Yesterday's closing price was 6,977.27, having traded within 6,934.07 and 6,986.33. The classical pivot point stands at P 6,965.89. Supports are identified at S1 6,945.45 and S2 6,913.63, with resistances at R1 6,997.71 and R2 7,018.15.

DAX (DE40 / GER40)

The DAX posted a moderately bullish session, closing at the higher end of its daily range. It closed yesterday at 25,405.34, with a trading range from 25,236.88 to 25,421.42. Today's classical pivot point is P 25,354.55. Support levels are S1 25,287.67 and S2 25,170.01, while resistances are R1 25,472.21 and R2 25,539.09.

FTSE MIB

The FTSE MIB traded largely sideways, concluding its session towards the upper end of its daily range. Yesterday's close was 45,732.00, with a range between 45,378.00 and 45,770.00. The classical pivot point is P 45,626.67. Key support levels are S1 45,483.33 and S2 45,234.67, with resistances at R1 45,875.33 and R2 46,018.67.

Russell 2000 (RUT)

The Russell 2000 also saw a largely lateral session, closing in the upper part of its daily range. It closed yesterday at 2,635.69, having traded between 2,606.90 and 2,636.72. The classical pivot point for today is P 2,626.44. Support levels are S1 2,616.15 and S2 2,596.62, while resistance levels are R1 2,645.97 and R2 2,656.26.

4. Volatility (VIX & Sentiment)

Morning Markets Update: January 13, 2026

Equity Volatility

Equity market volatility, as measured by the VIX (S&P 500), currently stands at approximately 15.1%. This level is broadly in line with its recent average, suggesting neither excessive fear nor complacency among investors. However, a deeper look at the relationship between realized and implied volatility reveals an elevated risk premium. The VIX's implied volatility is significantly above the 10-day realized volatility of the S&P 500 (~7.5%), indicating that the market is paying a substantial premium for protection against future price swings.

Cross-Asset Volatility

• VXN (Nasdaq 100): The Nasdaq 100's volatility, at roughly 19.5%, aligns with its recent average, echoing the sentiment seen in the broader S&P 500.
• GVZ (Gold): Gold volatility is around 25.0%, also consistent with its recent historical levels, suggesting no immediate extremes in investor sentiment for the precious metal.
• OVX (Oil): Oil volatility, at approximately 38.8%, is moderately above its 20-day average. This indicates that the market is currently pricing in a higher degree of protection for oil, though without signs of panic.

USD and Bond Yields

The US Dollar Index (DXY) has seen some volatility recently. As of January 12, 2026, the DXY fell to 98.7965, down 0.34% from the previous session. While it has strengthened by 0.50% over the past month, the DXY is notably down by 10.15% over the last 12 months. Early 2026 has seen the dollar trading near multi-month lows, reflecting shifting expectations around Federal Reserve rate cuts and improving conditions outside the US. Forecasts generally point to a weaker dollar overall in 2026, although the path is expected to be volatile, with potential short-term rebounds, especially if inflation remains sticky or global markets become cautious. Political uncertainty and scrutiny surrounding the Federal Reserve's independence have also contributed to the dollar's recent weakness.

In the bond markets, the yield on the US 10-year Treasury note rose to 4.19% on January 12, 2026, a slight increase from the previous session. Over the past month, the yield has remained flat, but it is 0.60 percentage points lower than a year ago. Analysts anticipate a generally steeper yield curve in 2026, driven by expectations of lower rates at the short end and dynamics influencing the long end of the curve. The fixed income market continues to offer attractive income opportunities, with corporate credit yields generally ranging from 4% to 7%. However, total return potential may be more muted than in 2025 due to limited scope for further declines in long-term interest rates and relatively tight credit spreads.

5. Options & 0DTE: Option Walls (Live App)

Key levels derived from Market Maker positioning (Gamma Exposure). Live version directly from the app.

6. Tactical Playbook (Intraday)

Morning Markets: Tactical Playbook

As Tuesday's trading session unfolds, a neutral bias prevails across key assets, suggesting a day characterized by range-bound trading strategies. Traders will be closely monitoring critical support and resistance levels for potential directional triggers.

Gold (XAUUSD / GC)

• The daily pivot for Gold is established at 4,597.73.
• Key support levels are identified at S1: 4,578.57 and S2: 4,563.63.
• Resistance levels are R1: 4,612.67 and R2: 4,631.83.
• Given the neutral bias, the market is poised for range-trading between 4,578.57 and 4,612.67, or market-neutral optional strategies around the pivot. Directional triggers would require confirmed breakouts above 4,631.83 or below 4,563.63.

WTI Crude (CL)

• WTI Crude's daily pivot rests at 59.77.
• Support levels are S1: 59.54 and S2: 59.25.
• Resistance levels are R1: 60.06 and R2: 60.29.
• The bias remains neutral, favoring range-trading between 59.54 and 60.06, or market-neutral option structures near the 59.77 pivot. Confirmed moves beyond 60.29 or below 59.25 would signal directional shifts.

EUR/USD (spot & 6E)

• The daily pivot for EUR/USD is set at 1.1665.
• Support levels are S1: 1.1657 and S2: 1.1650.
• Resistance levels are R1: 1.1672 and R2: 1.1680.
• With a neutral bias, range-trading between 1.1657 and 1.1672 is expected, alongside market-neutral option strategies around 1.1665. Directional triggers are anticipated only upon confirmed breakouts past 1.1680 or below 1.1650.

Nasdaq 100 (NDX / QQQ)

• Nasdaq 100's daily pivot is at 25,747.03.
• Support levels are S1: 25,643.19 and S2: 25,498.73.
• Resistance levels are R1: 25,891.49 and R2: 25,995.33.
• The neutral bias suggests range-trading between 25,643.19 and 25,891.49, or market-neutral option strategies centered on the 25,747.03 pivot. Directional triggers will materialize with confirmed movements above 25,995.33 or below 25,498.73.

S&P 500 (SPX / SPY)

• The S&P 500 has its daily pivot at 6,965.89.
• Support levels are S1: 6,945.45 and S2: 6,913.63.
• Resistance levels are R1: 6,997.71 and R2: 7,018.15.
• A neutral bias is in place, favoring range-trading between 6,945.45 and 6,997.71, or market-neutral optional setups around 6,965.89. Directional signals are expected on confirmed breakouts beyond 7,018.15 or below 6,913.63.

DAX (DE40 / ODAX)

• The DAX daily pivot is located at 25,354.55.
• Support levels are S1: 25,287.67 and S2: 25,170.01.
• Resistance levels are R1: 25,472.21 and R2: 25,539.09.
• The bias remains neutral, pointing towards range-trading between 25,287.67 and 25,472.21, or market-neutral option strategies around 25,354.55. Confirmed directional triggers would occur with moves above 25,539.09 or below 25,170.01.

FTSE MIB (FTSEMIB / FIB / MIBO)

• FTSE MIB's daily pivot is at 45,626.67.
• Support levels are S1: 45,483.33 and S2: 45,234.67.
• Resistance levels are R1: 45,875.33 and R2: 46,018.67.
• With a neutral bias, range-trading between 45,483.33 and 45,875.33 is anticipated, as are market-neutral option strategies around 45,626.67. Directional triggers are expected on confirmed breakouts above 46,018.67 or below 45,234.67.

Russell 2000 (RUT / RTY / IWM)

• The Russell 2000 daily pivot is at 2,626.44.
• Support levels are S1: 2,616.15 and S2: 2,596.62.
• Resistance levels are R1: 2,645.97 and R2: 2,656.26.
• The neutral bias indicates range-trading between 2,616.15 and 2,645.97, or market-neutral option structures around 2,626.44. Directional shifts will be signaled by confirmed breakouts beyond 2,656.26 or below 2,596.62.