Opening Market Briefing

1. Executive Summary

Morning Markets: Friday, January 30, 2026

Global equity markets are presenting a mixed picture this Friday morning, with indices lacking a strong directional conviction. The pre-market tone is characterized by ongoing sector rotations and selective capital flows as investors navigate a landscape devoid of clear catalysts.

US Index Futures:

• US500 and NAS100 futures are showing a slight positive bias, registering a modest +0.03% in early trading.
• Market participants are closely watching for potential breakouts or fakeouts around recent highs and lows, indicating a tactical focus on price action.

Pre-market Tone and Key Drivers:

The broader market sentiment suggests a moderate risk appetite, though without significant systemic stress. Volatility, as measured by the VIX, remains at intermediate levels, pricing in a moderate risk of tactical corrections rather than a broader systemic shock. The underlying drivers continue to be a blend of macroeconomic factors, including central bank differentials (e.g., Fed/ECB), and incoming data on inflation and labor markets.

Focus for the Day:

Today's trading is expected to be largely tactical. The market is awaiting fresh macroeconomic catalysts that could provide a clearer direction. Therefore, traders are likely to focus on technical support and resistance levels. Particular attention will be paid to any sudden headlines or unexpected news that could trigger swift market reactions, especially given the current wait-and-see posture.

Top Movers:

In the absence of significant market-moving catalysts, specific top movers are yet to emerge with strong conviction in the pre-market. Activity is currently concentrated in selective areas, and we anticipate clearer leadership to materialize as the trading day progresses and new information comes to light.

2. Overnight Session & Macro Calendar

Morning Markets Update: January 30, 2026

Global markets are showing a subdued start to Friday, with investors consolidating positions ahead of key economic releases later in the day. The focus remains keenly on regional data and potential catalysts to shape market sentiment.

Asia

Asian markets are displaying limited directional conviction this morning. We observe contained movements across major indices, including the Nikkei and Hang Seng. The primary drivers for the region are local news developments and forthcoming economic data from China and Japan, which are expected to guide sentiment in the absence of broader global momentum.

Europe

European futures indicate a largely neutral open, with benchmarks like the DAX and EuroStoxx expected to show modest movement. The current market framework suggests investors are in a waiting pattern, anticipating fresh macroeconomic or political catalysts to provide a clear direction. Until then, a consolidated trading environment is likely.

USA

US futures are trading mixed and without a clear direction, reflecting a market in a consolidation phase following recent sessions of more pronounced movements. This hesitancy underscores a broader wait-and-see approach among market participants.

Macroeconomic Calendar (CET)

Today's macroeconomic calendar is of moderate significance, though several publications could impact sentiment across equity indices and FX markets:

• Morning: Investors will be watching for confidence and production indicators from the Eurozone, alongside various local economic updates.
• Afternoon: Attention will shift to the United States, with potential releases covering inflation, employment, or activity data. These figures will be crucial for the EURUSD exchange rate and US equity indices.
• Evening: Any speeches from members of the Federal Reserve (Fed) or European Central Bank (BCE) will be closely monitored. Additionally, statistics on financial conditions could trigger spikes in volatility.

3. Technical Levels & Pivots

Morning Markets: Key Technical Levels - Friday, January 30, 2026

As we head into Friday's trading, here's a look at the key technical levels for major assets, based on yesterday's closing data.

Gold (XAUUSD / GC)

Gold experienced a clearly bearish session yesterday, closing towards the lower end of its daily range. Yesterday's closing price was 5,157.70, with a trading range between 5,144.50 and 5,480.20.

• Pivot (P): 5,260.80
• Support 1 (S1): 5,041.40
• Resistance 1 (R1): 5,377.10
• Support 2 (S2): 4,925.10
• Resistance 2 (R2): 5,596.50

WTI Crude (CL)

WTI Crude also saw a clearly bearish session, settling in the lower portion of its daily range. It closed yesterday at 64.34, after trading within a range of 63.64 to 65.87.

• Pivot (P): 64.62
• Support 1 (S1): 63.36
• Resistance 1 (R1): 65.59
• Support 2 (S2): 62.39
• Resistance 2 (R2): 66.85

EUR/USD

The EUR/USD pair saw an essentially sideways session, closing near the middle of its daily range. Yesterday's close was at 1.1936, with a range between 1.1899 and 1.1977.

• Pivot (P): 1.1938
• Support 1 (S1): 1.1898
• Resistance 1 (R1): 1.1976
• Support 2 (S2): 1.1859
• Resistance 2 (R2): 1.2016

Nasdaq 100 (NDX)

The Nasdaq 100 experienced a moderately bearish session but managed to close in the upper part of its daily range. It finished yesterday at 25,884.30, having traded between 25,418.54 and 26,046.34.

• Pivot (P): 25,783.06
• Support 1 (S1): 25,519.78
• Resistance 1 (R1): 26,147.58
• Support 2 (S2): 25,155.26
• Resistance 2 (R2): 26,410.86

S&P 500 (SPX)

The S&P 500 had an essentially sideways session, closing in the upper portion of its daily trading range. Yesterday's close was 6,969.01, with the index ranging from 6,870.80 to 6,992.84.

• Pivot (P): 6,944.22
• Support 1 (S1): 6,895.59
• Resistance 1 (R1): 7,017.63
• Support 2 (S2): 6,822.18
• Resistance 2 (R2): 7,066.26

DAX (DE40 / GER40)

The DAX witnessed a clearly bearish session, closing near the lower bound of its daily range. It closed yesterday at 24,309.46, after trading between 24,266.33 and 24,758.73.

• Pivot (P): 24,444.84
• Support 1 (S1): 24,130.95
• Resistance 1 (R1): 24,623.35
• Support 2 (S2): 23,952.44
• Resistance 2 (R2): 24,937.24

FTSE MIB

The FTSE MIB experienced a substantially sideways session, with the closing price in the lower part of its daily range. Yesterday's close was at 45,076.00, with a range of 44,985.00 to 45,578.00.

• Pivot (P): 45,213.00
• Support 1 (S1): 44,848.00
• Resistance 1 (R1): 45,441.00
• Support 2 (S2): 44,620.00
• Resistance 2 (R2): 45,806.00

Russell 2000 (RUT)

The Russell 2000 had an essentially sideways session, closing in the upper part of its daily range. It closed yesterday at 2,654.78, with a trading range of 2,616.14 to 2,665.06.

• Pivot (P): 2,645.33
• Support 1 (S1): 2,625.59
• Resistance 1 (R1): 2,674.51
• Support 2 (S2): 2,596.41
• Resistance 2 (R2): 2,694.25

4. Volatility (VIX & Sentiment)

Morning Markets: Volatility Dynamics, FX Shifts, and Treasury Yields

Equity market volatility remains contained, with the VIX (S&P 500) at approximately 16.9% and the VXN (Nasdaq 100) around 21.4%. Both indices are in line with their recent averages, suggesting no overt signs of fear or complacency across major US equity benchmarks.

However, a closer examination of the S&P 500 reveals that the implied volatility priced by the VIX (~16.9%) is significantly above the 10-day realized volatility (~13.3%), indicating that the market is currently demanding a substantial risk premium.

Across other asset classes, we observe notable shifts. Gold volatility (GVZ) stands at approximately 46.0%, decidedly above its 20-day average, signaling a period of stress or risk-off sentiment in the precious metals market. Meanwhile, Oil volatility (OVX) is moderately above its 20-day average at around 55.4%, suggesting that the market is paying for protection, though without exhibiting signs of panic.

Currency Markets: Dollar Rebounds Amid Shifting Sentiment

In currency markets, the U.S. Dollar Index (DXY) has shown a modest rebound. On Friday, January 30, 2026, the DXY rose to 96.5279, an increase of 0.25% from the previous session. This move reflects a reversal of the recent anti-dollar trend. Despite this daily gain, the dollar has weakened by 1.82% over the past month and is down by 10.93% over the last 12 months.

The Euro (EUR) against the U.S. Dollar (EUR/USD) concurrently fell to 1.1924 on Friday, January 30, 2026, marking a 0.39% decrease from the prior session. Over the past month, the EUR/USD pair strengthened by 1.56%, and it is up by 15.04% over the last 12 months.

Fixed Income: Treasury Yields Edge Higher

In the fixed income market, U.S. Treasury yields experienced an upward movement. The yield on the benchmark US 10-year Treasury Note rose to 4.27% on January 30, 2026, increasing by 0.03 percentage points from the previous session. This marks a 0.10 percentage point increase over the past month. The US 2-year Treasury Note yield eased slightly to 3.57% on January 29, 2026, a decrease of 0.01 percentage points from the preceding session.

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 - Friday's Intraday/Multiday Outlook

As we head into Friday's trading session, the markets generally exhibit a neutral bias across several key assets, favoring range-bound strategies. Below is a detailed tactical playbook outlining daily pivots, support, and resistance levels, along with potential directional triggers.

Gold (XAUUSD / GC)

Intraday/Multiday Outlook:

The daily pivot for Gold is identified in the area of 5,260.40. Key support levels are found at S1 5,040.60 and S2 4,923.90, while resistance levels are at R1 5,377.10 and R2 5,596.90.

The current bias remains neutral, suggesting that the market is currently more suited for strategies such as range-trading between 5,040.60 and 5,377.10, or market-neutral optional structures around the 5,260.40 pivot.

Directional triggers would only materialize upon confirmed breakouts above 5,596.90 or below 4,923.90.

WTI Crude (CL)

Intraday/Multiday Outlook:

WTI Crude's daily pivot is in the area of 64.61. Key support levels are at S1 63.36 and S2 62.38, with resistance levels at R1 65.59 and R2 66.84.

The current bias remains neutral, indicating a preference for range-trading strategies between 63.36 and 65.59, or market-neutral optional structures centered around the 64.61 pivot.

Confirmed directional triggers would emerge only with breakouts beyond 66.84 or below 62.38.

EUR/USD (spot & 6E)

Intraday/Multiday Outlook:

The daily pivot for EUR/USD is located around 1.1938. Supports are identified at S1 1.1898 and S2 1.1859, while resistances are at R1 1.1976 and R2 1.2016.

With a neutral bias, the market is best suited for range-trading between 1.1898 and 1.1976, or market-neutral optional structures around the 1.1938 pivot.

Directional momentum would be confirmed on a breakout above 1.2016 or below 1.1859.

Nasdaq 100 (NDX / QQQ)

Intraday/Multiday Outlook:

The Nasdaq 100's daily pivot is set at 25,783.06. Supports are at S1 25,519.78 and S2 25,155.26, with resistances at R1 26,147.58 and R2 26,410.86.

A neutral bias prevails, favoring range-trading strategies within the 25,519.78 to 26,147.58 band, or market-neutral optional structures around the 25,783.06 pivot.

Clear directional triggers are expected on confirmed breakouts above 26,410.86 or below 25,155.26.

S&P 500 (SPX / SPY)

Intraday/Multiday Outlook:

The S&P 500 has its daily pivot at 6,944.22. Key supports are found at S1 6,895.59 and S2 6,822.18, with resistances at R1 7,017.63 and R2 7,066.26.

Maintaining a neutral bias, the current environment supports range-trading between 6,895.59 and 7,017.63, or market-neutral optional structures near the 6,944.22 pivot.

Directional shifts will be signaled by confirmed breakouts beyond 7,066.26 or below 6,822.18.

DAX (DE40 / ODAX)

Intraday/Multiday Outlook:

The DAX daily pivot is positioned at 24,444.84. Support levels are S1 24,130.95 and S2 23,952.44, while resistance levels are R1 24,623.35 and R2 24,937.24.

With a neutral bias, the context is more suitable for range-trading between 24,130.95 and 24,623.35, or market-neutral optional structures around the 24,444.84 pivot.

Confirmed directional triggers would occur with breakouts above 24,937.24 or below 23,952.44.

FTSE MIB (FTSEMIB / FIB / MIBO)

Intraday/Multiday Outlook:

The FTSE MIB's daily pivot is set at 45,213.00. Support levels are S1 44,848.00 and S2 44,620.00, with resistances at R1 45,441.00 and R2 45,806.00.

A neutral bias suggests suitability for range-trading strategies within the 44,848.00 to 45,441.00 range, or market-neutral optional structures around the 45,213.00 pivot.

Directional breakouts would be confirmed above 45,806.00 or below 44,620.00.

Russell 2000 (RUT / RTY / IWM)

Intraday/Multiday Outlook:

The Russell 2000 has a daily pivot at 2,645.33. Supports are at S1 2,625.59 and S2 2,596.41, with resistances at R1 2,674.51 and R2 2,694.25.

The prevailing neutral bias favors range-trading between 2,625.59 and 2,674.51, or market-neutral optional structures around the 2,645.33 pivot.

Definitive directional triggers would be observed on confirmed breakouts above 2,694.25 or below 2,596.41.