Saturday, January 10, 2026
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Market Comment
Market Wrap: Stocks, Bonds, Commodities

On Thursday, U.S. stock indexes closed mixed as tech stocks dipped:

Dow Jones Industrial Average +270 points (+0.55%) to 49,266
S&P 500 +1 point (+0.01%) to 6,921
Nasdaq 100 -146 points (-0.57%) to 25,507

Alphabet (GOOGL) +1.07% marking a record close of 325.44 dollars, and surpassing Apple (AAPL) to be the second-most valuable U.S. company with a market capitalization of 3.93 trillion dollars.

Semiconductor stocks retreated:
Micron Technology (MU) -3.69%
Intel (INTC) -3.57%
Nvidia (NVDA) -2.15%

Defense stocks advanced following President Donald Trump's call for a 1.5-trillion-dollar defense budget for 2027:
Lockheed Martin (LMT) +4.34%
Northrop Grumman (NOC) +2.39%

Energy stocks rose alongside oil prices:
APA Corp (APA) +8.47%
Diamondback Energy (FANG) +5.13%
Occidental Petroleum (OXY) +5.46%.

In after-hours, General Motors (GM) announced an electric-vehicle-related writedown of 6 billion dollars.

The U.S. 10-year Treasury yield +1.7 basis points to 4.167%.

European stocks closed mixed:
DAX 40 +5 points (+0.02%) to 25,127
CAC 40 +9 points (+0.12%) to 8,243
FTSE 100 -3 points (-0.04%) to 10,044

Gold price +22 dollars to 4,478 dollars an ounce.

U.S. WTI crude futures +1.77 dollar (+3.16%) to 57.76 dollars a barrel.


Market Wrap: Forex

The U.S. dollar index climbed to 98.89 ahead of the closely-watched monthly non-farm payroll report due Friday.

EUR/USD -17 pips to 1.1656.

The Eurozone's producer prices -1.7% year on year in November (vs -1.8% expected, -0.5% in October).

Germany's factory orders +5.6% month on month in November (vs -0.6% expected, +1.5% in October).

USD/JPY +11 pips to 156.87.

GBP/USD -20 pips to 1.3437, AUD/USD -24 pips to 0.6696.

USD/CHF +10 pips to 0.7988, USD/CAD -4 pips to 1.3857.

Bitcoin climbed back to levels above 91,000 dollars.


Morning Trading

In Asian trading hours, USD/JPY advanced to 157.14. Japan's household spending rose 2.9% year-on-year in November, compared with -0.9% expected.

On the other hand, China's inflation rate grew 0.8% year-on-year in December, above 0.7% estimated, while producer price index dropped 1.9%, compared with -1.7% expected.

Meanwhile, EUR/USD and GBP/USD were both little changed, at 1.1655 and 1.3436.

Gold was broadly steady at 4,474 dollars.

Bitcoin was stable at 90,941 dollars.


Expected Today

The eurozone's retail sales are expected to be up 0.5% month-on-month in November.

Germany's trade surplus for November is estimated at 17.1 billion euros, while industrial production is expected to drop 0.4% month-on-month.

France's industrial production is anticipated to increase by 0.6% month-on-month in November.

In the U.S., nonfarm payrolls are estimated to increase by 60,000 in December, while jobless rate is anticipated to drop to 4.5%. Also, the Michigan consumer sentiment index is expected to drop to 52.7 in January.

Canada's employment is expected to be up 25,000 in December, while jobless rate is estimated to climb to 6.7%.
Forex Last %1D %YTD
EUR/USD 1.1650 -0.07 -0.74
USD/JPY 157.34 0.30 0.14
GBP/USD 1.3423 -0.10 -0.27
Commodities Last %1D %YTD
Gold 4,470.6506 -0.11 3.75
Silver 76.7792 -0.14 7.90
Crude Oil 58.2200 0.80 1.74
EUR/USD intraday : rebound towards 1.1695 Next
Our pivot point is at 1.1609.

Our preference: rebound towards 1.1695

Alternative scenario: below 1.1609, expect 1.1578 and 1.1559.

Comment: the RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.1637 and 1.1646).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
EUR/JPY intraday : as long as 183.42 is support look for 184.38 Previous  | Next
Our pivot point is at 183.42.

Our preference: as long as 183.42 is support look for 184.38

Alternative scenario: below 183.42, expect 183.07 and 182.86.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 183.70 and 183.39).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/USD intraday : rebound towards 1.3460 Previous  | Next
Our pivot point is at 1.3382.

Our preference: rebound towards 1.3460

Alternative scenario: below 1.3382, expect 1.3354 and 1.3337.

Comment: the RSI is below its neutrality area at 50. The MACD is above its signal line and negative. The configuration is mixed. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.3412 and 1.3422).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/JPY intraday : as long as 211.35 is support look for 212.46 Previous  | Next
Our pivot point is at 211.35.

Our preference: as long as 211.35 is support look for 212.46

Alternative scenario: below 211.35, expect 210.94 and 210.70.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Moreover, the price is below its 20 period moving average (211.69) but above its 50 period moving average (211.35).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/JPY intraday : as long as 157.57 is support look for 158.55 Previous  | Next
Our pivot point is at 157.57.

Our preference: as long as 157.57 is support look for 158.55

Alternative scenario: below 157.57, expect 157.21 and 157.00.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and positive. The price could retrace. Moreover, the price is above its 20 and 50 period moving average (respectively at 157.86 and 157.48).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/CAD intraday : the RSI is overbought Previous  | Next
Our pivot point is at 1.3895.

Our preference: the upside prevails as long as 1.3895 is support

Alternative scenario: below 1.3895, expect 1.3878 and 1.3867.

Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.3893 and 1.3879).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Crude Oil (WTI) (G6) Intraday: intraday support around 58.70. Previous  | Next
Pivot: 58.70

Our preference: long positions above 58.70 with targets at 60.60 & 61.10 in extension.

Alternative scenario: below 58.70 look for further downside with 57.90 & 57.20 as targets.

Comment: the RSI is around its neutrality area at 50%
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Brent (ICE) (H6) Intraday: continuation of the rebound. Previous  | Next
Pivot: 61.80

Our preference: long positions above 61.80 with targets at 62.95 & 63.60 in extension.

Alternative scenario: below 61.80 look for further downside with 61.25 & 60.85 as targets.

Comment: the RSI is mixed to bullish.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Dow Jones (CME) (H6) Intraday: aim @ 50050. Previous  | Next
Pivot: 49450

Our preference: long positions above 49450 with targets at 50050 & 50220 in extension.

Alternative scenario: below 49450 look for further downside with 49340 & 49195 as targets.

Comment: the RSI advocates for further upside.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Gold Intraday: look for 4528. Previous 
Pivot: 4478

Our preference: long positions above 4478 with targets at 4528 & 4550 in extension.

Alternative scenario: below 4478 look for further downside with 4464 & 4445 as targets.

Comment: the immediate trend remains up and the momentum is strong.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

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