EB Daily Market Report - Friday, January 9, 2026

Dear Members.

The jobs report came out this morning and apparently met the satisfaction of traders with all of the major indexes higher as we get ready to close out another trading week.

Just a few days after reaching an all time high, the S&P has cleared that level, now just over 30 points away from 7000 for the first time ever. And small stocks are in favor as well, with the Russell 2000 hitting its all time high while the tech heavy NASDAQ continues to lag.

The move higher today comes ahead of some key earnings next week, including the major banks which have been in favor for some time now. So the question is, can the market continue to climb higher with some of the major tech stocks out of favor? Also, monthly options expire next week which could add to volatility, especially if we see an imbalance of calls to puts which could be the case given the recent market climb.

The current range on the S&P is pretty well defined with 7000 to the upside the next likely level of resistance with the 20 day moving average, currently at 6883, the first key level of technical support. So let's keep our eyes on those levels for the next clue as to where the market could be headed in the short term.

Tom will be back with his Weekly Market Report on Monday.

At your service,

John Hopkins