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Good Tuesday Morning, MPTraders! January 13, 2026-- Pre-Market Update:-- JPM Earnings: Mostly a beat (see CNBC analysis below), but considering JPM was trading 65% above its April 2025 low (see my attached 4-Hour Chart), the reaction to the news has been a bit muted (as we discussed late yesterday here). As we speak, JPM is up 0.2%. Technically, as long as key resistance from 332 to its ATH-zone 335-338 remains intact, my pattern setup argues for a bout of corrective weakness that presses the stock into the 290-310 support plateau before renewed, powerful, and sustained buying interest emerges... Last is 324.97...
With the market just meandering between resistance and support, there really is not a lot I can add to the analysis right now. Support remains at 6900SPX, and resistance is clearly the pivot. My primary is looking higher for now, especially as long as we holding over 6900SPX support. The next target is delineated by the target box for wave iii in the 7100-7127SPX region. Should we reach that target, support will be raised to the 7010-7040SPX region.
Today’s decline has opened the door to the possibility that a larger top may finally be taking shape. That said, the market is still holding above a key support level, which keeps the more immediately bullish count intact for now. As long as this support holds, my base case remains that the market will resolve higher before we see a more significant top develop. However, a decisive break below support would increase the odds that a larger-degree top is indeed in place.As shown on the ES chart, current support resides in the 6951–6906 zone.
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