ES Appears Poised To Thrust Out Of 4 1/2-Month Range

Good Tuesday Morning, MPTraders!  January 27, 2026-- Pre-Market Update:

-- There are four trading days remaining in January...

-- The Fed begins a two-day meeting. The FOMC Monetary Policy Statement will be released on Wednesday at 2 PM ET... At 2:30 PM ET on Wednesday, Fed Chair Powell will hold a Press Conference, which could move markets...

-- Notable Earnings Today: UNH, BA, GM, UPS, TXN, RTX... Tomorrow: MSFT, TSLA, IBM, ASML... 

In the aftermath of yesterday's early-session weakness, and then a significant recovery rally into positive territory that propelled ES above its nearest resistance and its 20 DMA (6955) on a closing basis, the index is higher this AM. 

My attached 4-Hour Chart shows all of the price action since the April 2025 low at 5040.50 to the January 2026 ATH at 7036.50 (+40%). Within that timeframe, ES has been confined within a 500-point range for the past 4-1/2 months; however, the current technical setup indicates that ES is about to thrust above the upper range boundary (6970-7030), triggering a new upleg that projects to 7100-7130. 

Only a bout of weakness that presses ES beneath yesterday's low at 6879 will delay the upside breakout, while a decline that breaks below more consequential support at 6814 will argue for weakness that revisits the lower boundary of the 4-1/2 month range... Last is 6995.50... 

Up next: Chart views of Earnings Names BA, RTX, and UNH...