Opening Market Briefing

1. Executive Summary

Morning Markets: Friday, January 23, 2026

The pre-market session on Friday, January 23, 2026, indicates a mixed sentiment across global equity markets, with no strong directional bias. Investors are navigating a landscape characterized by ongoing sector rotations and selective capital flows. This mixed context suggests a cautious start to trading as participants await fresh macroeconomic catalysts.

US Index Futures

US index futures, specifically the US500 and NAS100, are showing a slight positive bias of +0.03 in pre-market trading. Traders are keenly observing these indices for potential breakouts or fakeouts around recent highs and lows, indicating a tactical approach to entry and exit points. The overall volatility, as measured by the VIX, remains at intermediate levels, pricing in a moderate risk of tactical corrections without signaling broader systemic stress in the market.

Pre-Market Tone and Top Movers

The pre-market tone is one of selective engagement rather than broad directional conviction. The focus is on specific rotations and individual stock performance, rather than a sweeping market trend. While no explicit "top movers" are highlighted in the general market context, the prevailing sentiment suggests that any significant early movements will likely stem from sector-specific news or company-specific headlines, rather than a uniform market push. Investors are positioning themselves to react to sudden developments, with tactical operations centered around identifying support and resistance levels.

Tactical Focus for the Day

Today's trading is expected to be largely tactical, with market participants anticipating new macro catalysts to emerge. Given the absence of strong immediate drivers, the emphasis will be on short-term opportunities around established support and resistance levels. Attention will also be paid to any sudden, unexpected headlines that could rapidly shift market sentiment or trigger significant price action.

2. Overnight Session & Macro Calendar

Morning Markets: January 23, 2026

Global markets are exhibiting a largely cautious tone this Friday morning, with investors awaiting fresh catalysts to dictate direction. Today's focus will remain on local news, key economic data releases, and potential central bank commentary.

Asia

Asian markets are showing limited directionality, with movements largely contained as investors digest local news and significant data from China and Japan. Major indices such as the Nikkei and Hang Seng are trading with subdued volatility, reflecting this lack of a strong overarching trend.

Europe

European futures are trading relatively flat, indicating a neutral outlook for the open. The broader picture for the DAX and EuroStoxx remains indecisive as investors await new macroeconomic or political developments to provide clearer guidance.

Macro Calendar (CET)

The macroeconomic calendar for today, while of moderate overall significance, features several publications that could influence sentiment across indices and foreign exchange markets.

• Morning: Expect confidence and production indicators from the Eurozone, along with various local updates, which may provide initial market cues.
• Afternoon: Attention will turn to the United States for critical data releases, potentially including inflation, labor market figures, or activity reports. These will be key drivers for the EURUSD currency pair and major US indices.
• Evening: Any speeches from members of the Federal Reserve (Fed) or European Central Bank (BCE), alongside statistics on financial conditions, will be closely monitored for potential spikes in volatility.

3. Technical Levels & Pivots

Morning Markets: Key Technical Levels (January 23, 2026)

Here's a look at key technical levels for major financial instruments, based on yesterday's closing data. Today is Friday, January 23, 2026.

Gold (XAUUSD / GC)

Gold experienced a moderately bullish session yesterday, closing at the upper end of its daily range of 4,932.40 to 4,970.00. The precious metal closed at 4,957.50.

• Yesterday's Close: 4,957.50
• Yesterday's Range: 4,932.40 – 4,970.00
• Classic Pivots: P 4,953.30 · S1 4,936.60 · R1 4,974.20 · S2 4,915.70 · R2 4,990.90

WTI Crude (CL)

WTI Crude saw a moderately bullish session, with its closing price of 59.71 settling in the central part of its daily range, which spanned from 59.52 to 59.99.

• Yesterday's Close: 59.71
• Yesterday's Range: 59.52 – 59.99
• Classic Pivots: P 59.74 · S1 59.49 · R1 59.96 · S2 59.27 · R2 60.21

EUR/USD

The EUR/USD pair also had a moderately bullish session, closing at 1.1748, positioned centrally within its daily range of 1.1740 to 1.1765.

• Yesterday's Close: 1.1748
• Yesterday's Range: 1.1740 – 1.1765
• Classic Pivots: P 1.1751 · S1 1.1737 · R1 1.1762 · S2 1.1726 · R2 1.1776

Nasdaq 100 (NDX)

The Nasdaq 100 experienced a moderately bullish day, closing at 25,518.35 in the upper part of its daily range, which ranged from 25,399.49 to 25,576.52.

• Yesterday's Close: 25,518.35
• Yesterday's Range: 25,399.49 – 25,576.52
• Classic Pivots: P 25,498.12 · S1 25,419.72 · R1 25,596.75 · S2 25,321.09 · R2 25,675.15

S&P 500 (SPX)

The S&P 500 also closed a moderately bullish session yesterday, with its closing price of 6,913.35 falling within the central part of its range between 6,893.62 and 6,934.75.

• Yesterday's Close: 6,913.35
• Yesterday's Range: 6,893.62 – 6,934.75
• Classic Pivots: P 6,913.91 · S1 6,893.06 · R1 6,934.19 · S2 6,872.78 · R2 6,955.04

DAX (DE40 / GER40)

The DAX posted a moderately bullish session, with a closing value of 24,856.47, situated in the central portion of its daily trading range, from 24,772.54 to 24,937.08.

• Yesterday's Close: 24,856.47
• Yesterday's Range: 24,772.54 – 24,937.08
• Classic Pivots: P 24,855.36 · S1 24,773.65 · R1 24,938.19 · S2 24,690.82 · R2 25,019.90

FTSE MIB

The FTSE MIB ended a moderately bullish session yesterday, closing at 45,091.00, at the higher end of its daily range of 44,772.00 to 45,188.00.

• Yesterday's Close: 45,091.00
• Yesterday's Range: 44,772.00 – 45,188.00
• Classic Pivots: P 45,017.00 · S1 44,846.00 · R1 45,262.00 · S2 44,601.00 · R2 45,433.00

Russell 2000 (RUT)

The Russell 2000 concluded a moderately bullish session, with its closing price of 2,718.77 found in the lower part of its daily range, which stretched from 2,714.99 to 2,735.10.

• Yesterday's Close: 2,718.77
• Yesterday's Range: 2,714.99 – 2,735.10
• Classic Pivots: P 2,722.95 · S1 2,710.81 · R1 2,730.92 · S2 2,702.84 · R2 2,743.06

4. Volatility (VIX & Sentiment)

Morning Markets: Volatility Watch and Yield Insights

Volatility remains a key theme as we kick off Friday's trading. The VIX (S&P 500) is currently trading around 15.6%, which is broadly in line with its recent average, suggesting neither excessive fear nor complacency within the broader market. This sentiment is echoed by the VXN (Nasdaq 100), holding steady around 20.1%, also consistent with its recent historical levels.

Across other asset classes, we observe a similar equilibrium for gold, with GVZ (Gold Volatility Index) near 28.1%. However, a notable divergence appears in the energy sector, where OVX (Oil Volatility Index) is registering approximately 44.7%. This reading is moderately above its 20-day average, indicating that the market is paying a premium for protection in crude oil, though without signs of widespread panic.

Examining the relationship between realized and implied volatility for the S&P 500, we see that 10-day realized volatility stands at approximately 13.7%, while the VIX is at 15.6%. This slight premium of implied over realized volatility suggests a normal demand for protection in the equity market.

Turning to the currency markets, the US Dollar (USD) has shown signs of resilience. The Dollar Index (DXY) has posted modest gains in recent sessions, underpinned by a generally hawkish stance from the Federal Reserve and ongoing global economic uncertainties. This strengthening dollar continues to influence various cross-currency pairs, including the EUR/USD, although specific volatility data (EVZ) remains unavailable.

In the fixed income space, US Treasury yields have experienced some upward pressure. The 10-year Treasury yield is currently hovering around 4.14%, reflecting market expectations regarding inflation and the future path of interest rates. Recent economic data releases and comments from central bank officials continue to shape the outlook for bond markets, with investors closely watching for further indications on monetary policy direction.

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: Friday's Tactical Playbook

As we head into Friday's trading session, the market bias across key assets remains predominantly neutral, suggesting a day ripe for range-trading strategies. Traders should focus on established support and resistance levels to identify optimal entry and exit points, while directional triggers remain contingent on confirmed breakouts beyond key thresholds.

Gold (XAUUSD / GC)

• Daily Pivot: 4,952.47
• Support Levels: S1 4,934.93, S2 4,914.87
• Resistance Levels: R1 4,972.53, R2 4,990.07
• Bias: Neutral
• Strategy: The current context favors range-trading between S1 (4,934.93) and R1 (4,972.53), or market-neutral optional structures around the pivot (4,952.47).
• Directional Triggers: Confirmed breakouts above R2 (4,990.07) or below S2 (4,914.87).

WTI Crude (CL)

• Daily Pivot: 59.74
• Support Levels: S1 59.49, S2 59.27
• Resistance Levels: R1 59.96, R2 60.21
• Bias: Neutral
• Strategy: The current context favors range-trading between S1 (59.49) and R1 (59.96), or market-neutral optional structures around the pivot (59.74).
• Directional Triggers: Confirmed breakouts above R2 (60.21) or below S2 (59.27).

EUR/USD (spot & 6E)

• Daily Pivot: 1.1751
• Support Levels: S1 1.1737, S2 1.1726
• Resistance Levels: R1 1.1762, R2 1.1776
• Bias: Neutral
• Strategy: The current context favors range-trading between S1 (1.1737) and R1 (1.1762), or market-neutral optional structures around the pivot (1.1751).
• Directional Triggers: Confirmed breakouts above R2 (1.1776) or below S2 (1.1726).

Nasdaq 100 (NDX / QQQ)

• Daily Pivot: 25,498.12
• Support Levels: S1 25,419.72, S2 25,321.09
• Resistance Levels: R1 25,596.75, R2 25,675.15
• Bias: Neutral
• Strategy: The current context favors range-trading between S1 (25,419.72) and R1 (25,596.75), or market-neutral optional structures around the pivot (25,498.12).
• Directional Triggers: Confirmed breakouts above R2 (25,675.15) or below S2 (25,321.09).

S&P 500 (SPX / SPY)

• Daily Pivot: 6,913.91
• Support Levels: S1 6,893.06, S2 6,872.78
• Resistance Levels: R1 6,934.19, R2 6,955.04
• Bias: Neutral
• Strategy: The current context favors range-trading between S1 (6,893.06) and R1 (6,934.19), or market-neutral optional structures around the pivot (6,913.91).
• Directional Triggers: Confirmed breakouts above R2 (6,955.04) or below S2 (6,872.78).

DAX (DE40 / ODAX)

• Daily Pivot: 24,855.36
• Support Levels: S1 24,773.65, S2 24,690.82
• Resistance Levels: R1 24,938.19, R2 25,019.90
• Bias: Neutral
• Strategy: The current context favors range-trading between S1 (24,773.65) and R1 (24,938.19), or market-neutral optional structures around the pivot (24,855.36).
• Directional Triggers: Confirmed breakouts above R2 (25,019.90) or below S2 (24,690.82).

FTSE MIB (FTSEMIB / FIB / MIBO)

• Daily Pivot: 45,017.00
• Support Levels: S1 44,846.00, S2 44,601.00
• Resistance Levels: R1 45,262.00, R2 45,433.00
• Bias: Neutral
• Strategy: The current context favors range-trading between S1 (44,846.00) and R1 (45,262.00), or market-neutral optional structures around the pivot (45,017.00).
• Directional Triggers: Confirmed breakouts above R2 (45,433.00) or below S2 (44,601.00).

Russell 2000 (RUT / RTY / IWM)

• Daily Pivot: 2,722.95
• Support Levels: S1 2,710.81, S2 2,702.84
• Resistance Levels: R1 2,730.92, R2 2,743.06
• Bias: Neutral
• Strategy: The current context favors range-trading between S1 (2,710.81) and R1 (2,730.92), or market-neutral optional structures around the pivot (2,722.95).
• Directional Triggers: Confirmed breakouts above R2 (2,743.06) or below S2 (2,702.84).

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