Opening Market Briefing

1. Executive Summary

Morning Markets: Tuesday, January 20, 2026

The pre-market tone this Tuesday, January 20, 2026, is mixed, with equity indices showing no strong directional bias. We are observing continued sector rotations and selective capital flows as the market seeks fresh catalysts.

In US index futures, both the S&P 500 (US500) and Nasdaq 100 (NAS100) are exhibiting a slight positive bias, approximately +0.03%. Traders are advised to monitor potential breakout or fakeout scenarios around recent highs and lows, as these levels could dictate intraday direction.

The broader foreign exchange market sees EURUSD maintaining a neutral bias. The pair continues to be influenced primarily by the interest rate differential between the Federal Reserve and the European Central Bank, alongside upcoming inflation and labor market data.

Commodities are also showing a neutral stance, with both Gold and WTI crude oil reflecting a balance of macroeconomic factors and specific news related to interest rates and global growth prospects.

Volatility, as measured by the VIX, remains at intermediate levels. This suggests the market is pricing in a moderate risk of tactical corrections but without indicating systemic stress.

The tactical focus for the day remains on anticipation of new macroeconomic catalysts. Market participants are engaging in more tactical trading strategies, focusing on established support and resistance levels. Particular attention should be paid to any sudden headlines, which could trigger swift market reactions and reveal the day's top movers. While no specific top movers are identified yet, selective flows suggest that individual sectors and stocks could see significant activity as rotations continue.

2. Overnight Session & Macro Calendar

Morning Markets: Tuesday Outlook

Global markets are exhibiting a cautious tone this Tuesday, with investors seeking fresh catalysts amid limited directional conviction across major regions.

Asia

Asian markets are trading without strong directional impetus, with movements remaining contained. Attention is primarily focused on local news flow and upcoming economic data from China and Japan. Traders will be closely watching the Nikkei and Hang Seng for any emerging trends as regional dynamics unfold.

Europe

European futures are showing modest movement, indicating a neutral outlook for the session. The broader sentiment suggests investors are awaiting new macroeconomic or political catalysts to provide clearer direction. Key European indices such as the DAX and EuroStoxx are expected to remain range-bound in the absence of significant news.

Macro Calendar (CET)

Today's economic calendar presents moderate relevance, though certain publications have the potential to influence sentiment across equity indices and foreign exchange markets.

• Morning: Focus will be on confidence and production indicators from the Eurozone, along with various local economic updates.
• Afternoon: Attention will shift to key data out of the United States, potentially covering inflation, labor, or activity reports (depending on the specific day's releases). These figures will be crucial for the EUR/USD exchange rate and US equity indices.
• Evening: Investors should monitor any speeches from members of the Federal Reserve or European Central Bank. Additionally, statistics on financial conditions will be scrutinized for potential volatility spikes.

3. Technical Levels & Pivots

Morning Markets: Technical Levels Update - January 20, 2026

Welcome to our Morning Markets update, providing a snapshot of key technical levels as of today, January 20, 2026, based on yesterday's closing data.

Gold (XAUUSD / GC)

Gold experienced a distinctly bullish session yesterday, closing at 4,725.50, positioned at the upper end of its daily range (4,622.20 – 4,727.60). Key classical pivot points place the pivot (P) at 4,691.77, with immediate resistance (R1) at 4,761.33 and support (S1) at 4,655.93. Further resistance (R2) is seen at 4,797.17 and support (S2) at 4,586.37.

WTI Crude (CL)

WTI Crude saw a moderately bearish session, closing at 59.14, near the middle of its daily range (58.53 – 59.59). The classical pivot (P) is at 59.09. Traders will be watching R1 at 59.64 and S1 at 58.58, with R2 at 60.15 and S2 at 58.03 marking further potential levels.

EUR/USD

The EUR/USD pair concluded a moderately bullish session yesterday, settling at 1.1693, towards the top of its range (1.1636 – 1.1697). The classical pivot (P) is located at 1.1675. Resistance levels are identified at R1 1.1715 and R2 1.1737, while support can be found at S1 1.1654 and S2 1.1614.

Nasdaq 100 (NDX)

The Nasdaq 100 traded largely sideways yesterday, closing at 25,529.26, which was towards the lower end of its daily range (25,444.28 – 25,735.48). The classical pivot (P) for today is at 25,569.67. Resistance levels are set at R1 25,695.07 and R2 25,860.87, with support at S1 25,403.87 and S2 25,278.47.

S&P 500 (SPX)

The S&P 500 experienced a largely lateral session, closing at 6,940.01, in the middle of its daily range (6,925.09 – 6,967.30). The classical pivot (P) is at 6,944.13. Key resistance levels are R1 6,963.18 and R2 6,986.34, while support levels are S1 6,920.97 and S2 6,901.92.

DAX (DE40 / GER40)

The DAX finished a moderately bearish session yesterday, closing at 24,959.06, near the lower bound of its daily range (24,911.59 – 25,070.61). The classical pivot (P) is at 24,980.42. Traders should monitor R1 at 25,049.25 and S1 at 24,890.23, with R2 at 25,139.44 and S2 at 24,821.40.

FTSE MIB

The FTSE MIB concluded a moderately bearish session, closing at 45,196.00, situated in the middle of its daily range (44,944.00 – 45,394.00). The classical pivot (P) for today is 45,178.00. Immediate resistance (R1) stands at 45,412.00, with R2 at 45,628.00. Support levels are identified at S1 44,962.00 and S2 44,728.00.

Russell 2000 (RUT)

The Russell 2000 displayed a largely lateral trend, closing at 2,677.74, within the central part of its daily range (2,668.56 – 2,692.23). The classical pivot (P) is at 2,679.51. Key resistance levels are R1 2,690.46 and R2 2,703.18, with support at S1 2,666.79 and S2 2,655.84.

4. Volatility (VIX & Sentiment)

Morning Markets Update

Volatility remains a key theme as markets digest recent developments, with a closer look at implied versus realized measures, alongside movements in the USD and bond yields.

Equity Volatility: A Premium for Protection

• The VIX (S&P 500) currently stands at approximately 18.8%, moderately above its 20-day average. This suggests that the market is paying a premium for protection against potential downside risks, though without signs of outright panic. The significant spread between the VIX (18.8%) and the 10-day realized volatility (~6.7%) for the S&P 500 indicates a notably elevated risk premium.
• The VXN (Nasdaq 100), at around 20.3%, is broadly in line with its recent average, suggesting neither excessive fear nor complacency within the tech-heavy index.

Cross-Asset Volatility: Nuanced Trends

• Gold volatility (GVZ) is hovering around 22.2%, consistent with its recent average. This indicates a lack of extreme fear or excessive complacency in the gold market.
• Oil volatility (OVX) is at approximately 43.2%, moderately above its 20-day average. Similar to equities, this signals that participants in the oil market are willing to pay for protection, but without indicating a state of panic.

USD Performance

The U.S. Dollar Index (DXY) has shown modest fluctuations early this week. On Monday, the DXY edged lower, impacted by stronger European economic data which lent support to the Euro. However, it remained largely within its recent trading range as investors awaited further economic indicators.

Bond Yields

U.S. Treasury yields experienced a slight uptick on Monday, primarily driven by a robust demand for corporate bonds which reduced the allure of government debt. The yield on the benchmark 10-year Treasury note moved higher, reflecting this sentiment, though the overall market remains sensitive to upcoming inflation data and Federal Reserve commentary.

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 for Tuesday, January 20, 2026

Good morning and welcome to today's tactical playbook, outlining key levels and trading scenarios across major asset classes. The prevailing bias across the board remains neutral, suggesting a day better suited for range-bound strategies or market-neutral optionality unless significant breakout levels are breached.

Below we detail the daily pivots, support and resistance levels, and directional triggers for intraday and multi-day perspectives.

Gold (XAUUSD / GC)

• Daily Pivot: 4,691.80
• Support Levels: S1 at 4,656.00, S2 at 4,586.40
• Resistance Levels: R1 at 4,761.40, R2 at 4,797.20
• Bias: Neutral. The current context favors range-trading strategies between 4,656.00 and 4,761.40, or market-neutral option structures around the 4,691.80 pivot.
• Directional Triggers: Confirmed breakouts beyond 4,797.20 or below 4,586.40.

WTI Crude (CL)

• Daily Pivot: 59.09
• Support Levels: S1 at 58.59, S2 at 58.03
• Resistance Levels: R1 at 59.65, R2 at 60.15
• Bias: Neutral. A context more aligned with range-trading between 58.59 and 59.65, or market-neutral option structures around the 59.09 pivot.
• Directional Triggers: Confirmed breakouts beyond 60.15 or below 58.03.

EUR/USD (spot & 6E)

• Daily Pivot: 1.1675
• Support Levels: S1 at 1.1654, S2 at 1.1614
• Resistance Levels: R1 at 1.1715, R2 at 1.1737
• Bias: Neutral. Preferred strategies include range-trading between 1.1654 and 1.1715, or market-neutral option structures centered around the 1.1675 pivot.
• Directional Triggers: Confirmed breakouts beyond 1.1737 or below 1.1614.

Nasdaq 100 (NDX / QQQ)

• Daily Pivot: 25,569.67
• Support Levels: S1 at 25,403.87, S2 at 25,278.47
• Resistance Levels: R1 at 25,695.07, R2 at 25,860.87
• Bias: Neutral. The current setup is suitable for range-trading between 25,403.87 and 25,695.07, or market-neutral options positioned around the 25,569.67 pivot.
• Directional Triggers: Confirmed breakouts beyond 25,860.87 or below 25,278.47.

S&P 500 (SPX / SPY)

• Daily Pivot: 6,944.13
• Support Levels: S1 at 6,920.97, S2 at 6,901.92
• Resistance Levels: R1 at 6,963.18, R2 at 6,986.34
• Bias: Neutral. We anticipate a trading environment conducive to range-trading between 6,920.97 and 6,963.18, or market-neutral option strategies around the 6,944.13 pivot.
• Directional Triggers: Confirmed breakouts beyond 6,986.34 or below 6,901.92.

DAX (DE40 / ODAX)

• Daily Pivot: 24,980.42
• Support Levels: S1 at 24,890.23, S2 at 24,821.40
• Resistance Levels: R1 at 25,049.25, R2 at 25,139.44
• Bias: Neutral. The bias points towards range-trading between 24,890.23 and 25,049.25, or market-neutral option structures surrounding the 24,980.42 pivot.
• Directional Triggers: Confirmed breakouts beyond 25,139.44 or below 24,821.40.

FTSE MIB (FTSEMIB / FIB / MIBO)

• Daily Pivot: 45,178.00
• Support Levels: S1 at 44,962.00, S2 at 44,728.00
• Resistance Levels: R1 at 45,412.00, R2 at 45,628.00
• Bias: Neutral. This market is best approached with range-trading strategies between 44,962.00 and 45,412.00, or market-neutral options around the 45,178.00 pivot.
• Directional Triggers: Confirmed breakouts beyond 45,628.00 or below 44,728.00.

Russell 2000 (RUT / RTY / IWM)

• Daily Pivot: 2,679.51
• Support Levels: S1 at 2,666.79, S2 at 2,655.84
• Resistance Levels: R1 at 2,690.46, R2 at 2,703.18
• Bias: Neutral. The current environment is optimal for range-trading between 2,666.79 and 2,690.46, or market-neutral options at the 2,679.51 pivot.
• Directional Triggers: Confirmed breakouts beyond 2,703.18 or below 2,655.84.

Disclaimer: This commentary is for informational and educational purposes only and does not constitute personalized investment advice or a solicitation for public savings. The indicated levels are based on market data believed to be reliable but not guaranteed; trading with leveraged and derivative instruments involves a high level of risk.