Eyeing Upside Continuation - Market Analysis for Jan 29th, 2026

Good Thursday Morning, MPTraders!  January29, 2026-- Pre-Market Update:

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

--  All else being equal, the January Seasonal Tendency is for SPX strength today and tomorrow into month-end (see Seasonal Graphic below)...

-- Headline Risk this AM:  President Trump holds a Cabinet Meeting at 11 AM ET, which could be open to the press again...

-- Notable Earnings After the Close: AAPL

-- Geopolitical Risk Rhetoric is Climbing Rapidly concerning an imminent Persian Gulf War. We will examine some select Energy Charts later this AM... 

As for stock indices on the day after the boring and uneventful FOMC meeting and Powell presser, as well as the aftermath of MSFT, META, TSLA, and IBM Earnings-- which provided a sigh of relief that AI spending and demand are alive and well-- ES is slightly higher (+0.2%) in pre-market trading.

My attached Daily Chart indicates that the dominant near-term uptrend from the 1/21/26 pivot low at 6814.50 will remain intact as long as support from 6980 down to 6950 (yellow shade on my chart) contains any forthcoming weakness. As such, ES is poised for upside continuation that hurdles yesterday's ATH at 7043.00 en route to a 7100-7150 target window... Last is 7023.00... 

Next Up:  MSFT and META technical setups post-Earnings...