Opening Market Briefing

1. Executive Summary

Morning Markets: February 3, 2026

Good morning, traders. As of Tuesday, February 3, 2026, global equity markets are presenting a mixed picture, lacking strong directional conviction. We observe ongoing sectoral rotations and selective capital flows, indicating a cautious yet active trading environment.

US Equity Futures:

US index futures, including the US500 and NAS100, are showing a marginally positive bias of approximately +0.03% in pre-market trading. This slight uptick suggests a relatively neutral opening tone, with market participants closely monitoring potential breakouts or fakeouts around recent highs and lows. The absence of a strong pre-market rally or sell-off underscores the current indecisiveness as investors await fresh macro catalysts.

Pre-Market Tone & Top Movers:

The pre-market tone is best described as anticipatory. While individual equities are experiencing selective flows, there are no broad, dominant themes driving significant sector-wide movements. Attention remains focused on tactical positioning around key support and resistance levels. The current environment is ripe for volatility in specific names should any unexpected headlines emerge, prompting traders to remain agile and responsive.

Key Market Themes:

• FX: EURUSD remains largely neutral, with its direction still heavily influenced by the divergence in monetary policy between the Federal Reserve and the European Central Bank, alongside upcoming inflation and labor data.
• Commodities: Both Gold and WTI crude oil exhibit a neutral bias. Their price action continues to reflect a blend of broader macroeconomic factors and specific news related to interest rates and global growth prospects.
• Volatility: The VIX index is hovering at intermediate levels, suggesting that the market is pricing in a moderate risk of tactical corrections. However, this is not indicative of broader systemic stress, rather an expectation of short-term adjustments.

Tactical Focus for the Day:

Today's trading is likely to be driven by tactical operations. Market participants are advised to maintain a focus on established support and resistance levels, as the market is largely awaiting new macroeconomic catalysts to provide a clearer direction. Vigilance against sudden headline-driven movements will be paramount throughout the session.

2. Overnight Session & Macro Calendar

Morning Markets

Global markets are showing a lack of strong directional conviction this Tuesday morning, with investors largely in a holding pattern ahead of key economic data and speeches.

Asia

Asian markets are exhibiting subdued movements without a strong overarching direction. Focus remains keenly on local news and significant economic data releases from China and Japan. Indices such as the Nikkei and Hang Seng are reflecting this contained activity as investors digest regional developments.

Europe

European futures suggest a largely flat opening, indicating a neutral short-term outlook. The market appears to be awaiting fresh macroeconomic or political catalysts to provide clearer direction. Major indices like the DAX and EuroStoxx are likely to trade within established ranges as investors remain cautious.

United States

US futures are mixed, indicating a lack of clear direction as the market continues a consolidation phase after recent movements. Investors are evaluating the short-term outlook, with a focus on upcoming data that could dictate the next market trends.

Macro Calendar (CET)

Today's macroeconomic calendar, while of moderate overall significance, features several publications with the potential to influence market sentiment across indices and foreign exchange.

• Morning: Attention will be on confidence and production indicators from the Euro area, alongside other local updates. These releases will offer insights into the health of the Eurozone economy.
• Afternoon: Key data releases from the United States are anticipated, potentially covering inflation, employment, or activity, depending on the specific day. These will be crucial for the EUR/USD currency pair and US indices, providing further clues on the Federal Reserve's potential policy path.
• Evening: Any scheduled speeches from members of the Federal Reserve (Fed) or European Central Bank (BCE), along with statistics on financial conditions, should be closely monitored for possible spikes in market volatility.

3. Technical Levels & Pivots

Morning Markets: Technical Levels Update - February 3, 2026

Good morning, traders. As we commence trading on Tuesday, February 3, 2026, here's a detailed look at the key technical levels calculated from yesterday's closing data across major assets and indices. The focus remains on intraday pivots, and the immediate support and resistance levels that could dictate today's price action.

Gold (XAUUSD / GC)

Gold experienced a clearly bullish session yesterday, closing near the upper end of its daily range at 4,943.70. The daily range was marked between 4,690.20 and 4,948.00. For today, the classic pivot point stands at 4,860.63. Immediate resistance is anticipated at R1 5,031.07, while initial support is found at S1 4,773.27.

WTI Crude (CL)

WTI Crude traded in a largely lateral fashion yesterday, closing in the middle of its range at 61.91, after a session between 61.55 and 62.46. The intraday pivot for Crude is at 61.97. Traders should watch R1 at 62.40 as the first upside hurdle and S1 at 61.49 for downside support.

EUR/USD

The EUR/USD pair saw a moderately bearish session, closing at 1.1849, though within the upper portion of its 1.1791 – 1.1875 range. The pivot point for today's trading is 1.1838. Key levels to monitor are R1 1.1886 and S1 1.1802.

Nasdaq 100 (NDX)

The Nasdaq 100 posted a moderately bullish session, closing higher at 25,738.61, comfortably within the upper part of its 25,478.50 – 25,833.12 range. The classic pivot for the Nasdaq is 25,683.41. Resistance can be found at R1 25,888.32, with initial support at S1 25,533.70.

S&P 500 (SPX)

The S&P 500 also had a moderately bullish day, closing at 6,976.44, towards the top of its 6,914.34 – 6,991.92 range. Today's pivot point for the S&P 500 is 6,960.90. Key technical levels include R1 at 7,007.46 and S1 at 6,929.88.

DAX (DE40 / GER40)

The DAX experienced a moderately bullish close at 24,797.52, ending in the upper part of its 24,384.21 – 24,851.70 range. The pivot point for the DAX is 24,677.81. Traders should observe R1 at 24,971.41 for upward momentum and S1 at 24,503.92 for potential retracements.

FTSE MIB

The FTSE MIB concluded yesterday with a moderately bullish tone, closing at 46,005.00, near the top of its 45,104.00 – 46,105.00 range. The pivot for today is 45,738.00. Key levels are R1 at 46,372.00 and S1 at 45,371.00.

Russell 2000 (RUT)

The Russell 2000 also saw a moderately bullish session, closing at 2,640.28, within the upper portion of its 2,603.79 – 2,654.84 range. The pivot point for the Russell 2000 is 2,632.97. Immediate resistance is at R1 2,662.15, while initial support is found at S1 2,611.10.

4. Volatility (VIX & Sentiment)

Morning Markets: Volatility Overview and Key Market Movers

As of Tuesday morning, market volatility remains a key focus for investors, with a mixed picture across asset classes. The benchmark VIX (S&P 500) currently stands at approximately 16.3%, consistent with its recent average. This suggests no immediate signs of extreme fear or complacency in the broader U.S. equity market. The spread between implied and realized volatility for the S&P 500 further reinforces this sentiment, with implied volatility (VIX at 16.3%) slightly exceeding 10-day realized volatility (13.8%), indicating a normal protection premium.

Cross-Asset Volatility:

• VXN (Nasdaq 100): Standing at around 21.2%, the Nasdaq's volatility gauge is also in line with its recent mean, indicating no evident excesses of fear or complacency within the tech-heavy index.
• GVZ (Gold): Gold volatility is currently elevated at approximately 37.4%, moderately above its 20-day average. This suggests that the market is paying for protection in gold, though without signs of outright panic.
• OVX (Oil): Crude oil volatility is near its recent average at 48.7%, showing no significant signs of excessive fear or complacency in the energy markets.
• EURUSD (EVZ) and DAX (VDAX): Volatility data for EURUSD and DAX is currently unavailable, possibly due to feed issues or insufficient historical data.

USD and Bond Yields:

In the currency markets, the U.S. Dollar has shown a slight appreciation against a basket of major currencies. The DXY index is currently trading around 104.2, reflecting a modest gain in recent sessions. This strength in the dollar comes amidst ongoing speculation regarding the Federal Reserve's monetary policy trajectory.

U.S. Treasury yields have seen minor fluctuations this morning. The 10-year Treasury yield is holding steady around 4.10%, while the 2-year Treasury yield is at approximately 4.45%. The inversion of the yield curve continues to signal market concerns about future economic growth, although recent movements have been relatively subdued.

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 we begin Tuesday's trading, market sentiment across several key instruments remains largely neutral, setting the stage for range-bound strategies. Traders should pay close attention to established support and resistance levels, as confirmed breakouts beyond these boundaries could signal new directional trends.

Gold (XAUUSD / GC)

• Daily Pivot: 4,861.53
• Key Levels:
  • Support 1 (S1): 4,775.07
  • Support 2 (S2): 4,603.73
  • Resistance 1 (R1): 5,032.87
  • Resistance 2 (R2): 5,119.33
• Bias: Neutral. The current context favors range-trading between 4,775.07 and 5,032.87, or market-neutral optional strategies around the 4,861.53 pivot.
• Directional Triggers: Confirmed breakouts above 5,119.33 or below 4,603.73.

WTI Crude (CL)

• Daily Pivot: 61.98
• Key Levels:
  • Support 1 (S1): 61.49
  • Support 2 (S2): 61.07
  • Resistance 1 (R1): 62.40
  • Resistance 2 (R2): 62.89
• Bias: Neutral. Range-trading between 61.49 and 62.40 is the preferred approach, or market-neutral optional structures around the 61.98 pivot.
• Directional Triggers: Confirmed breakouts above 62.89 or below 61.07.

EUR/USD (spot & 6E)

• Daily Pivot: 1.1814
• Key Levels:
  • Support 1 (S1): 1.1803
  • Support 2 (S2): 1.1779
  • Resistance 1 (R1): 1.1838
  • Resistance 2 (R2): 1.1849
• Bias: Neutral. Focus on range-trading between 1.1803 and 1.1838, or market-neutral optional strategies around the 1.1814 pivot.
• Directional Triggers: Confirmed breakouts above 1.1849 or below 1.1779.

Nasdaq 100 (NDX / QQQ)

• Daily Pivot: 25,683.41
• Key Levels:
  • Support 1 (S1): 25,533.70
  • Support 2 (S2): 25,328.79
  • Resistance 1 (R1): 25,888.32
  • Resistance 2 (R2): 26,038.03
• Bias: Neutral. The current setup favors range-trading between 25,533.70 and 25,888.32, or market-neutral optional structures around the 25,683.41 pivot.
• Directional Triggers: Confirmed breakouts above 26,038.03 or below 25,328.79.

S&P 500 (SPX / SPY)

• Daily Pivot: 6,960.90
• Key Levels:
  • Support 1 (S1): 6,929.88
  • Support 2 (S2): 6,883.32
  • Resistance 1 (R1): 7,007.46
  • Resistance 2 (R2): 7,038.48
• Bias: Neutral. Consider range-trading strategies between 6,929.88 and 7,007.46, or market-neutral optional structures around the 6,960.90 pivot.
• Directional Triggers: Confirmed breakouts above 7,038.48 or below 6,883.32.

DAX (DE40 / ODAX)

• Daily Pivot: 24,677.81
• Key Levels:
  • Support 1 (S1): 24,503.92
  • Support 2 (S2): 24,210.32
  • Resistance 1 (R1): 24,971.41
  • Resistance 2 (R2): 25,145.30
• Bias: Neutral. The current environment is suitable for range-trading between 24,503.92 and 24,971.41, or market-neutral optional strategies around the 24,677.81 pivot.
• Directional Triggers: Confirmed breakouts above 25,145.30 or below 24,210.32.

FTSE MIB (FTSEMIB / FIB / MIBO)

• Daily Pivot: 45,738.00
• Key Levels:
  • Support 1 (S1): 45,371.00
  • Support 2 (S2): 44,737.00
  • Resistance 1 (R1): 46,372.00
  • Resistance 2 (R2): 46,739.00
• Bias: Neutral. Range-trading between 45,371.00 and 46,372.00 is advised, or market-neutral optional structures around the 45,738.00 pivot.
• Directional Triggers: Confirmed breakouts above 46,739.00 or below 44,737.00.

Russell 2000 (RUT / RTY / IWM)

• Daily Pivot: 2,632.97
• Key Levels:
  • Support 1 (S1): 2,611.10
  • Support 2 (S2): 2,581.92
  • Resistance 1 (R1): 2,662.15
  • Resistance 2 (R2): 2,684.02
• Bias: Neutral. Traders may consider range-trading between 2,611.10 and 2,662.15, or market-neutral optional strategies around the 2,632.97 pivot.
• Directional Triggers: Confirmed breakouts above 2,684.02 or below 2,581.92.

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 considered reliable but are not guaranteed; operating with derivative and leveraged instruments involves a high level of risk.