Pre-opening Comments for Thursday January 29^th

U.S. equity index futures were higher this morning. S&P 500 futures were up 15 points at 8:35 AM EST.

S&P 500 futures added 2 points following release of the U.S. November Trader report released at 8:30 AM EST. Consensus was a $42.9 billion deficit versus a $29.4 billion deficit in November. Actual was a $56.8 billion deficit

Meta Platform (META) an S&P 100 stock moved above $27.72 to $696.28 after reporting higher than consensus fourth quarter revenues and earnings.

IBM (IBM) gained $21.84 to $316.50 after reporting higher than consensus fourth quarter results. Seasonal influences are favourable until March 31^st. See seasonality chart at www.EquityClock.com

Tesla (TSLA) advanced $13.88 to $444.34 after reporting higher than consensus fourth quarter revenues and earnings.

Microsoft dropped $17.12 to $464.30 despite reporting higher than consensus second quarter revenues and earnings. Its Azure division reported less than consensus results.

EquityClock’s Market Outlook for January 29^th

Treasury yields are firming above the neckline to a head-and-shoulders bottoming pattern, threatening to weigh on high valuation stocks (e.g. Technology) through their period of seasonal weakness later in February. See:

https://equityclock.com/2026/01/28/stock-market-outlook-for-january-29-2026/

Responses to the FOMC decision on interest rates

The FOMC decided at 2:00 PM EST yesterday to maintain its Fed Fund Rate at 3.50%-3.75%. Responses after 2:00 PM were as follows:

Long term U.S. government bond prices and related ETF prices (e.g. TLT) moved higher.

S&P 500 Index and NASDAQ 100 units (QQQ) were virtually unchanged

U.S. Dollar Index ETN (UUP) moved lower.

Conversely, the Canadian Dollar moved higher.

S&P Bank SPDRs (KBE) were mixed

Gold prices and gold stock prices moved higher.

Technical Notes

NASDAQ 100 units (QQQ) moved above $636.19 to an all-time high extending an intermediate uptrend.

Hong Kong iShares (EWH) moved above $23.32 to an all-time high extending an intermediate uptrend.

CGI Group (GIB.A.TO) a TSX 60 stock moved below Cdn$117.54 and US$83.83 extending an intermediate downtrend.

Couche Tard (ATD.TO) a TSX 60 stock moved below Cdn$71.61 setting an intermediate downtrend.

Trader’s Corner

Equity Indices and Related ETFs

Daily Seasonal/Technical Equity Trends for January 28^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Source for all positive seasonality ratings: www.EquityClock.com

Commodities

Daily Seasonal/Technical Commodities Trends for January 28^th 2026

Green: Increase from previous day

Red: Decrease from previous day

Sectors

Daily Seasonal/Technical Sector Trends for January 28^th 2025

Green: Increase from previous day

Red: Decrease from previous day

Links offered by valued providers

Failed Breakouts: How to Spot Them, Manage Risk, and Stay with Strong Charts: David Keller

Failed Breakouts: How to Spot Them, Manage Risk, and Stay with Strong Charts (stockcharts.com)

S&P Hits 7000, Fed Decision + Tech Earnings Bonanza | $META $AAPL $MSFT $TSLA

Guy Adami and Dan Nathan

S&P Hits 7000, Fed Decision + Tech Earnings Bonanza | $META $AAPL $MSFT $TSLA – YouTube

Failed Breakouts: How to Spot Them, Manage Risk, and Stay with Strong Charts

Dave Keller

Failed Breakouts: How to Spot Them, Manage Risk, and Stay with Strong Charts – YouTube

Bank of Canada leaves key rates as 2.25%: BNN

Bank of Canada leaves key rates as 2.25% – YouTube

Chances of market correction ‘substantially higher’ than expected

Chances of market correction ‘substantially higher’ than expected – YouTube

FOMC Holds Interest Rates in January Meeting, Road Ahead for 2026

FOMC Holds Interest Rates in January Meeting, Road Ahead for 2026 – YouTube

S&P 500 Momentum Barometers

The intermediate term Barometer dropped 4.80 to 62.20. It remains Overbought.

The long term Barometer was unchanged at 67.20. It remains Overbought.

TSX Momentum Barometers

The intermediate term Barometer dropped 3.67 to 75.23. It remains Overbought. Daily trend is down.

The long term Barometer dropped 0.46 to 80.73. It remains Overbought. Daily trend is down.

Disclaimer: Seasonality ratings and technical ratings offered in this report and at

www.equityclock.com are for information only. They should not be considered as advice to purchase or to sell mentioned securities. Data offered in this report is believed to be accurate, but is not guaranteed.

More from the network: Stock Market Outlook for January 29, 2026 Stock Market Outlook for January 28, 2026 Stock Market Outlook for January 27, 2026 Stock Market Outlook for January 26, 2026 Stock Market Outlook for January 23, 2026