Opening Market Briefing

1. Executive Summary

Morning Markets: February 6, 2026

The trading day begins on Friday, February 6, 2026, with a broadly mixed sentiment across global equity markets, characterized by selective capital flows and ongoing sectoral rotations. Investors are exercising caution and closely monitoring for fresh macroeconomic catalysts.

US Index Futures & Pre-market Tone
US equity index futures are pointing to a cautious start, extending the risk-off sentiment observed in previous sessions. As of early morning, Dow Jones Futures are down 0.30%, NASDAQ 100 Futures have declined by 0.86%, and S&P 500 Futures are showing a decrease of 0.54%. This reflects a slight negative bias heading into the cash open, aligning with an overall medium bias of -0.03 for the US500 and NAS100. Market participants are advised to remain vigilant for potential breakouts or fakeouts around recent highs and lows, indicating a period of tactical trading rather than strong directional conviction.

The pre-market tone is influenced by a lack of strong directional cues and a prevailing wait-and-see approach. Adding to the uncertainty, the release of the January 2026 Employment Situation Report, including Non-Farm Payrolls, which was originally scheduled for today, has been delayed due to a US government shutdown. This absence of key labor market data means that market movements will likely be driven by other short-term factors and sudden headline news.

Volatility and Key Drivers
The Cboe Volatility Index (VIX) is currently at intermediate levels, suggesting a moderate pricing of tactical correction risks without indicating systemic market stress. This aligns with the broader market context of selective flows rather than widespread panic. Currency markets see EURUSD maintaining a neutral bias, largely responsive to the differential in monetary policy expectations between the Federal Reserve and the European Central Bank, alongside upcoming inflation and labor data (when available). Similarly, commodities like Gold and WTI crude oil are exhibiting neutral biases, with their movements reflecting a blend of macro factors and specific market news.

Top Pre-market Movers
Individual stock movements in the pre-market session offer some insights into current investor focus:

• Notable Gainers:
  • Kelly Services (KELYB) surged significantly, up 477.52%.
  • AIM ImmunoTech (AIM) showed strong positive momentum, rising by 61.13%.
  • TransCode Therapeutics (RNAZ) climbed 38.22%.
  • Other strong performers include C3is (CISS) and DHI Group (DHX), up 32.89% and 28.91% respectively.
• Notable Losers:
  • Adial Pharmaceuticals (ADIL) saw a substantial decline of 96%.
  • CollPlant Biotechnologies (CLGN) dropped 37.89%.
  • Profusa (PFSA) fell 30.43%.
  • Lifevantage (LFVN) and ProShares Ultra Silver (AGQ) also experienced notable pullbacks, down 29.37% and 27.86% respectively.

The market is poised for a tactical day of trading, with a strong emphasis on navigating supports and resistances, and reacting swiftly to any sudden news or headlines as participants await more definitive macroeconomic signals.

2. Overnight Session & Macro Calendar

Morning Markets Update - Friday, February 6, 2026

Good morning, investors. As we approach the end of the trading week, global markets are exhibiting a rather subdued tone, with a lack of strong directional conviction across major regions. The focus remains keenly on local developments and upcoming economic data releases.

Asia

Asian markets are trading without strong directional impetus this morning, with movements generally contained. Investors are closely monitoring local news and significant data releases from China and Japan. We anticipate continued sensitivity to these regional catalysts, which may influence indices such as the Nikkei and Hang Seng throughout the session.

Europe

European futures are showing limited movement as the trading day commences, indicating a broadly neutral picture for now. The market appears to be in a holding pattern, with investors awaiting fresh macroeconomic or political catalysts to provide a clearer direction. Key indices like the DAX and EuroStoxx are likely to reflect this cautious sentiment until new information emerges.

Macro Calendar (CET)

The economic calendar for today presents a moderate level of relevance, though certain publications hold the potential to sway market sentiment across indices and foreign exchange pairs:

• Morning: Expect the release of confidence and production indicators from the Euro area, alongside various local updates. These data points will be scrutinized for insights into the region's economic health.
• Afternoon: Attention will shift to the United States, with upcoming data on inflation, labor, or activity (depending on the specific day's releases). These figures are particularly crucial for dictating the trajectory of the EURUSD currency pair and major U.S. indices.
• Evening: Any speeches from members of the Federal Reserve (Fed) or European Central Bank (BCE), as well as statistics on financial conditions, should be closely monitored. Such events have the potential to induce sudden spikes in volatility.

Investors are advised to remain vigilant as these releases unfold, as they could provide the much-needed catalysts to break current market inertia.

3. Technical Levels & Pivots

Morning Markets: Technical Levels for February 6, 2026

As we commence trading on Friday, February 6, 2026, here's a look at key technical levels based on yesterday's closing data.

Gold (XAUUSD / GC)

Gold experienced a largely sideways session yesterday, closing at 4,871.10 near the upper end of its daily range. For today's session, key technical levels are:

• Pivot (P): 4,820.90
• Support 1 (S1): 4,720.20
• Resistance 1 (R1): 4,971.80

WTI Crude (CL)

WTI Crude recorded a moderately bullish session yesterday, closing at 64.21 near the upper end of its daily range. For today's session, key technical levels are:

• Pivot (P): 63.62
• Support 1 (S1): 62.90
• Resistance 1 (R1): 64.94

EUR/USD

The EUR/USD pair saw a largely sideways session yesterday, closing at 1.1794 near the upper end of its daily range. For today's session, key technical levels are:

• Pivot (P): 1.1790
• Support 1 (S1): 1.1774
• Resistance 1 (R1): 1.1809

Nasdaq 100 (NDX)

The Nasdaq 100 experienced a moderately bearish session yesterday, closing at 24,548.69 near the lower end of its daily range. For today's session, key technical levels are:

• Pivot (P): 24,619.55
• Support 1 (S1): 24,384.54
• Resistance 1 (R1): 24,783.70

S&P 500 (SPX)

The S&P 500 recorded a moderately bearish session yesterday, closing at 6,798.40 near the lower end of its daily range. For today's session, key technical levels are:

• Pivot (P): 6,812.13
• Support 1 (S1): 6,766.40
• Resistance 1 (R1): 6,844.12

DAX (DE40 / GER40)

The DAX experienced a largely sideways session yesterday, closing at 24,491.06 near the middle of its daily range. For today's session, key technical levels are:

• Pivot (P): 24,475.83
• Support 1 (S1): 24,287.85
• Resistance 1 (R1): 24,679.04

FTSE MIB

The FTSE MIB underwent a clearly bearish session yesterday, closing at 45,820.00 near the lower end of its daily range. For today's session, key technical levels are:

• Pivot (P): 46,061.00
• Support 1 (S1): 45,346.00
• Resistance 1 (R1): 46,535.00

Russell 2000 (RUT)

The Russell 2000 had a clearly bearish session yesterday, closing at 2,577.65 near the lower end of its daily range. For today's session, key technical levels are:

• Pivot (P): 2,592.24
• Support 1 (S1): 2,554.64
• Resistance 1 (R1): 2,615.24

4. Volatility (VIX & Sentiment)

Morning Markets: Volatility and Key Market Indicators

Volatility Overview

• The VIX (S&P 500) currently stands at approximately 21.8%, moderately above its 20-day average, indicating that the market is paying for protection without exhibiting signs of panic.
• For the Nasdaq 100, the VXN is around 29.2%, also moderately above its 20-day average, suggesting a similar sentiment of caution but not widespread fear among investors.
• In the commodities space, Gold's GVZ is approximately 35.5%, aligning with its recent average, which points to no evident excesses of fear or complacency in the gold market.
• Oil's OVX is around 55.0%, moderately above its 20-day average, indicating that the market is pricing in protection for oil.
• A comparison of realized versus implied volatility for the S&P 500 shows the 10-day realized volatility at approximately 9.3% against the VIX's 21.8%. This significant spread suggests that the implied volatility priced by the VIX is substantially higher than the 10-day realized volatility, implying an elevated risk premium in the market.
• Data for EURUSD (EVZ) and DAX (VDAX) is currently unavailable, possibly due to feed issues or insufficient historical data.

USD Performance

The US Dollar Index (DXY) is trading at 104.97 as of Friday, February 6, 2026, 07:44 AM UTC. The dollar has shown resilience amid recent market dynamics.

Bond Yields

As of Friday, February 6, 2026, the US 10-year Treasury yield is approximately 4.256%. This level reflects current market expectations regarding inflation and economic growth, maintaining a watchful stance on future Federal Reserve policy decisions.

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, February 6, 2026

Welcome to today's Morning Markets analysis, focusing on key intraday and multiday tactical plays across various assets. Our playbook outlines scenarios, risk levels, and critical market triggers to guide your trading strategies. The prevailing bias across these instruments remains neutral, suggesting a focus on range-bound strategies unless significant breakouts are observed.

Gold (XAUUSD / GC)

Gold's daily pivot is established at 4,821.27. Key support levels are identified at S1 4,720.93 and S2 4,569.67. Resistance levels are at R1 4,972.53 and R2 5,072.87. The bias is neutral, making the current environment suitable for range-trading strategies between 4,720.93 and 4,972.53, or market-neutral optional structures around the pivot. Directional triggers would only be confirmed on a breakout above 5,072.87 or a breakdown below 4,569.67.

WTI Crude (CL)

WTI Crude holds a daily pivot at 63.61. Support levels are seen at S1 62.87 and S2 61.57, with resistance at R1 64.91 and R2 65.65. The neutral bias suggests range-trading between 62.87 and 64.91, or utilizing market-neutral optional structures near the 63.61 pivot. Confirmed directional movement would require a breakout above 65.65 or a fall below 61.57.

EUR/USD (spot & 6E)

The EUR/USD daily pivot is at 1.1790. Supports are noted at S1 1.1774 and S2 1.1755, while resistances are at R1 1.1809 and R2 1.1824. With a neutral bias, range-trading strategies between 1.1774 and 1.1809 are favored, alongside market-neutral option strategies around the 1.1790 pivot. Directional triggers would be established on a confirmed breakout above 1.1824 or below 1.1755.

Nasdaq 100 (NDX / QQQ)

The Nasdaq 100 sets its daily pivot at 24,619.55. Support levels are at S1 24,384.54 and S2 24,220.39, with resistances at R1 24,783.70 and R2 25,018.71. The neutral bias supports range-trading between 24,384.54 and 24,783.70, or market-neutral option strategies around the 24,619.55 pivot. Confirmed directional movements are anticipated only on breakouts above 25,018.71 or below 24,220.39.

S&P 500 (SPX / SPY)

The S&P 500's daily pivot is at 6,812.13. Supports are found at S1 6,766.40 and S2 6,734.41, with resistances at R1 6,844.12 and R2 6,889.85. A neutral bias suggests range-trading between 6,766.40 and 6,844.12, or market-neutral optional structures around the 6,812.13 pivot. Directional triggers would activate only upon a confirmed breakout above 6,889.85 or a sustained move below 6,734.41.

DAX (DE40 / ODAX)

The DAX has a daily pivot at 24,475.83. Support levels are at S1 24,287.85 and S2 24,084.64, with resistances at R1 24,679.04 and R2 24,867.02. The neutral bias supports range-trading within 24,287.85 and 24,679.04, or market-neutral optional strategies around the 24,475.83 pivot. Directional triggers are contingent on confirmed breakouts beyond 24,867.02 or below 24,084.64.

FTSE MIB (FTSEMIB / FIB / MIBO)

The FTSE MIB's daily pivot is at 46,061.00. Supports are located at S1 45,346.00 and S2 44,872.00, while resistances are at R1 46,535.00 and R2 47,250.00. With a neutral bias, range-trading between 45,346.00 and 46,535.00 is advised, or employing market-neutral options around the 46,061.00 pivot. Directional triggers will be confirmed on a break above 47,250.00 or a decline below 44,872.00.

Russell 2000 (RUT / RTY / IWM)

The Russell 2000 establishes its daily pivot at 2,592.24. Support levels are at S1 2,554.64 and S2 2,531.64, with resistances at R1 2,615.24 and R2 2,652.84. The neutral bias suggests range-trading strategies between 2,554.64 and 2,615.24, or market-neutral option structures around the 2,592.24 pivot. Directional triggers would require confirmed breakouts above 2,652.84 or below 2,531.64.

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 are not guaranteed; trading with derivatives and leveraged instruments involves a high level of risk.