January 26, 2026

BIG TECH EARNINGS AND THE FED WILL KEEP INVESTORS ON THEIR TOES THIS WEEK

January 26, 2026

Hello everyone

Happy Australia Day (to my Aussie subscribers)

WEEK AHEAD CALENDAR

Monday, January 26

8:30 a.m. Durable Goods preliminary (November)

10:30 a.m. Dallas Fed Index (January)

Earnings: Stell Dynamics, Nucor

Tuesday, January 27

9:00 a.m. FHFA Home Price Index (November)

9:00 a.m. S&P/Case Shiller comp.20 HPI (November)

10:00 a.m. Consumer Confidence (January)

10:00 a.m. Richmond Fed Index (January)

Earnings: Texas Instruments, PPG Industries, Union Pacific, NextEra Energy, Boeing, RTX, Roper Technologies, Kimberly-Clark, United Parcel Service, Synchrony Financial, United Health Group, Sysco, Northrop Grumman, General Motors

Wednesday, January 28

2:00 p.m. FOMC Meeting conclusion

2:00 p.m. Fed Funds Target Upper Bound

Earnings: Raymond James Financial, Fair Isaac, ServiceNow, International Business Machines, Meta Platforms, Las Vegas Sands, Lam Research, C.H. Robinson Worldwide, Waste Management, United Rentals, Tesla, Microsoft, Amphenol, Starbucks, General Dynamics, Automatic Data Processing, MSCI, Lennox International Textron, Elevance Health, Danaher, AT&T, Otis Worldwide, Corning, GE Vernova, Progressive

Thursday, January 29

8:30 a.m. Continuing Jobless Claims (01/17)

8:30 a.m. Initial Claims (01/24

8:30 a.m. Productivity and Costs (3QRev)

8:30 a.m. GDP first preliminary (Q4)

8:30 a.m. Trade Balance (November)

10:00 a.m. Durable Orders (November)

Earnings: Apple, Hartford Insurance Group, Arthur J. Gallagher, Stryker, Sandisk, ResMed, KLA, Hologic, Weyerhaeuser, Deckers Outdoor, Parker-Hannifin, Lockheed Martin, Sherwin-Williams, Altria Group, International Paper, Dover, Tractor Supply, L3Harris Technologies, Valero Energy, PulteGroup, Caterpillar, Ameriprise Financial, Thermo Fisher Scientific, Honeywell International, Royal Caribbean Group, Norfolk Southern, Marsh & McLennan, Mastercard, Comcast, Blackstone, Visa.

Friday, January 30

8:30 a.m. Producer Price Index (December)

9:45 a.m. Chicago PMI (January)

Earnings: Franklin Resources, Charter Communications, American Express, Colgate-Palmolive, Exxon Mobil, Verizon Communications, Regeneron Pharmaceuticals, Chevron, Air Products & Chemicals.

THE WEEK AHEAD – Big Tech earnings & The Fed

Earnings launch into high gear this week with four of the Mag 7 reporting: Meta Platforms, Microsoft, Tesla, and Apple. Big tech has been lagging for some time now, so the lacklustre performance could actually give the Mega caps a good chance of delivering on expectations in relation to both earnings and forward guidance.

Both Meta Platforms and Microsoft have fallen considerably from their 52-week highs – Meta by 17% and Microsoft by 16%. Apple is lower by 14%, and Tesla is down by almost 10%.

There is no doubt that a good tech earnings landscape this week could support the broadening of the market and charge it higher.

As you have all been aware, small caps have dominated this year thus far. The Russell 2000 has set fresh highs, rallying more than 7%, while the S&P 500 is ahead by about 1%.

Remember, though, that the Mag 7 companies alone represent more than a third of the S&P500, with Apple – the third-biggest public company in the world – alone accounting for roughly 7%. So, when these giants lag, the market tends to drag its feet a little.

As well as Big Tech earnings, we also have the first Federal Reserve policy meeting this year. There is a consensus view that rates will be left where they are, but traders/investors will still be listening closely to Fed Chair Jerome Powell’s commentary to gain some insight into how policymakers are viewing the data now that the desk chairs have been righted, so to speak, after the government shutdown.

THE BULL TREND IN URANIUM

There has been a shift in the way the world sees nuclear energy. After many years of sitting on the fence, nuclear energy is surging back into favour as a practical solution, with low emissions and far more reliable than wind or solar when it comes to baseload power. We are seeing many countries – the U.S., China, and many European countries extending the life of existing plants, whilst also moving ahead with new projects.

This is all well and good, but the uranium supply cannot respond quickly to the demand. We know that new mines take years to develop and require heavy capital and regulatory approval. So what follows is a structural imbalance: demand keeps rising, while supply lags.

Capital flowing into (URA) Global X Uranium ETF appears generally stable. Any pullbacks are relatively shallow.

I would start scaling into (URA), as targets going forward include around $80, the 0.618 Fib, and up to $124.

I recommended (UEC) Uranium Energy Corp. on November 10, 2025, for a buy and an option, when it was priced at $12.20. It is now priced at around $19.50. Well done if you participated in this.

On Wednesday this week, I’ll be going through a few other stocks that I’d like to recommend in this area.

(URA) $57:00

MARKET UPDATE

S&P500

The index is in a tight battle between buyers and sellers presently, which is showing upside momentum, struggling to gain a foothold. A break/close above the 6935 area can see more upside before rolling over in the short to medium term.

Resistance: 6985

Support: 6790, 6685

GOLD

This shiny metal has blasted through every resistance and interim target I’ve given. I did update you last Friday that the next target for Gold was around 5,188.00~. At the rate we are going, we could arrive there in a heartbeat.

The market is extremely overbought, so I would remind you of your discipline and one of the weaknesses that catches traders/investors out all the time – greed.

That said, we also know that markets can run higher (or lower) than most expect. Gold is still showing no obvious top at the present time.

Do I sound contradictory here – probably. Just take care, and don’t throw all your eggs into this basket.

Resistance: next target -> 5,188~

Support: 4895, 4630

BITCOIN

No change in my Bitcoin view. Still ranging behaviour, prior to a probable downside move below the Nov. low at 80.5k.

Resistance: 90, 92~ and 97/98 area.

Support: 87, 83 – 83.7k

HISTORY CORNER

On January 26

QI CORNER

SOMETHING TO THINK ABOUT

Simon Ree (Founder, Tao of Trading)

The S&P 500 is stalling, but the “real” market just hit an all-time high.

While the market-cap-weighted indices hit a wall at the 1.618 Fibonacci extension, the “under the hood” data tells a completely different story for 2026.

If you’re only watching the Mag7, you’re missing the biggest rotation in years.

Here are the 3 macro signals I’m tracking this week to discern if we’re heading for a pro-growth re-acceleration or a defensive “risk-off” environment:

1. Breadth is Overpowering the Giants

The S&P 500 (SPY) and Nasdaq (QQQ) are struggling because Big Tech is no longer the engine.

– MAG 7 ETF: Trend has flipped; price is below short-term moving averages.
– RSP (Equal-weighted S&P): Trading at all-time highs.
– The Signal: Money is flowing out of concentrated tech and into the broader market. This is a healthy sign of market breadth, not a crash.

2. The IWM “Vote of Confidence.”

The Russell 2000 (IWM) has outperformed the S&P for 10 consecutive trading days, its longest streak since 1990. Investors don’t buy small caps if they expect a recession. They buy them when they expect economic re-acceleration. This is a classic “pro-growth” move that defies the bear narrative.

3. The Copper-Gold “Macro Barometer.”

The Copper-Gold ratio is sitting at multi-decade lows and looks ready to turn.

Copper = Industrial activity.

Gold = Fear and debasement. When this ratio bases and turns higher, we typically see PMIs improve, and 10-year Treasury yields rise.

The Bottom Line: We are seeing a significant rotation into defensive sectors (Staples, Real Estate) and Small Caps simultaneously. But this looks less “risk-off” and more “mid-cycle reset.”