Join Larry McMillan as he discusses the current state of the stock market on January 26, 2026.
This past week has seen volatile moves in both directions. First, $SPX failed to capitalize on the move to new highs a week ago, and then over last (3-day) weekend, President Trump once again announced a tariff threat. That resulted in the market throwing another "tariff tantrum" on January 20th, the first trading day after the Martin Luther King holiday. But just as that was unfolding, an agreement of sorts was reached on the Greenland issue, and the market exploded upwards.
Join Larry McMillan as he discusses the current state of the stock market on January 20, 2026.
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Join Larry McMillan as he discusses the current state of the stock market on January 5, 2026.
The $SPX Index broke out to all-time highs just before Christmas, although the Dow ($DJX) and NASDAQ-100 ($NDX) did not. There hasn't been any follow-through to the upside by any of them. In fact, $SPX has been down for four straight days since then. The decline is still modest, but it is somewhat unusual and unsettling to falter like that just as new highs are being made.
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$SPX couldn't break out on the upside, so then it decided to test the downside, breaking down below support at 6800 for two days. But that move had no follow-through either. Thus, $SPX remains in a trading range, and the frustration with this market continues to grow.
The indicators lean slightly to the bullish side, but the real arbiter of price is, of course, $SPX and that remains in a neutral state.
