Saxo Market Call

Lots of irons in the fire, from JPY surge to silver chop and Nasdaq 100 technicals

10 snips
Jan 27, 2026
Sharp Japanese yen moves and possible intervention are discussed alongside dollar strength and key USD/JPY levels. Nasdaq 100 stalling near major resistance and mega-cap vs broader market rotation get attention. Two-way silver volatility and precious metals demand are highlighted. Earnings calendar risks and geopolitical stories around mining, tariffs, and Ukraine are also covered.
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INSIGHT

NASDAQ 100 Faces Critical Resistance

  • The NASDAQ 100 is bumping into a large resistance around 25,850 and may be in a continuation pattern that could fail.
  • If those continuation patterns break, John Hardy warns they can have very ugly consequences for mega-cap leadership.
INSIGHT

Mega-Cap Momentum Has Flipped

  • US market internals flipped with mega-caps and MAG-7 recently outperforming after prior underperformance.
  • John Hardy suggests option buying ahead of big MAG-7 earnings may be driving short-term momentum shifts.
ADVICE

Use Earnings Calendar To Gauge Direction

  • Watch earnings from LVMH, Northrop Grumman, Boeing, RTX, NextEra, Union Pacific, UPS, Seagate and Texas Instruments for market direction.
  • Use these reports to gauge sector health from luxury to defense, logistics and semiconductors.
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