Market Update Into January 12th: Bulls Take Charge

Markets pushed higher last week as risk appetite returned, with both the S&P 500 and Russell 2000 printing fresh all-time highs. Sector participation was broad, with nearly every group finishing green except utilities and crypto, while retail and consumer discretionary led the advance. Policy headlines also supported sentiment as President Trump announced a multi-billion-dollar government investment in semiconductors, proposed boosting the 2027 U.S. military budget from $1 trillion to $1.5 trillion, and saw the Supreme Court delay its ruling on reciprocal tariffs, temporarily easing trade policy uncertainty. In other news:

• Trump Sparks RKT
• APLD AI Frenzy
• Nvidia Ignites SanDisk
• Chevron Venezuela Shock

Looking ahead, traders will turn their focus to key inflation data with CPI and PPI on deck, alongside a steady stream of Fed speakers and the release of the Fed’s Beige Book. With bullish momentum returning to the market, the question now is whether the charts can confirm the move and sustain the breakout. Let’s take a look.

Weekly Analysis

SPY (SPDR S&P 500)

SPY ended the week near its all-time high at $694.07 (+1.60%), as price broke out of an ascending triangle on the daily timeframe. Momentum confirmed the move, with a bullish MACD cross and sustained green CHATS candle colors, signaling absolute strength holding above 70 for most of the week.

QQQ (Invesco QQQ Trust)

QQQ finished the week at $626.65 (+2.21%), but continued to lag the broader market in momentum. Underperformance from the Mag 7 kept CHATS candles neutral, reflecting limited bullish participation. Still, a breakout from a symmetrical triangle and a bullish MACD cross suggest the uptrend remains intact.

IWM (iShares Russell 2000)

IWM took charge last week, closing at $260.23 (+4.60%), as a double bottom pattern continued to play out. Price broke above the pattern’s neckline, with green CHATS candle colors and a bullish MACD cross confirming momentum. The breakout pushed the small-cap ETF to fresh all-time highs ahead of this week’s key inflation reports.

Earnings

Notable Results

TLRY (Tilray Brands)

• EPS: $0.01 vs $(0.06) est
• REV: $217.51M vs $210.55M est

APLD (Applied Digital)

• EPS: $0.00 vs $(0.17) est
• REV: $126.59M vs $79.71M est

NEOG (Neogen)

• EPS: $0.10 vs $0.06 est
• REV: $224.69M vs $208.92M est

AEHR (Aehr Test Systems)

• EPS: $(0.04) vs $(0.07) est
• REV: $9.88M vs $11.37M est

GBX (Greenbrier Companies)

• EPS: $1.14 vs $0.81 est
• REV: $706.10M vs $655.53M est

CMC (Commercial Metals Company)

• EPS: $1.84 vs $1.54 est
• REV: $2.12B vs $2.03B est

STZ (Constellation Brands)

• EPS: $3.06 vs $2.64 est
• REV: $2.22B vs $2.17B est

AIR (AAR Corp)

• EPS: $1.18 vs $1.03 est
• REV: $795.30M vs $763.37M est

SMPL (Simply Good Foods)

• EPS: $0.39 vs $0.35 est
• REV: $340.20M vs $338.25M est

ACI (Albertsons Companies)

• EPS: $0.72 vs $0.66 est
• REV: $19.12B vs $19.17B est

JEF (Jefferies Financial Group)

• EPS: $0.96 vs $0.90 est
• REV: $2.07B vs $1.96B est

CALM (Cal-Maine Foods)

• EPS: $2.13 vs $2.00 est
• REV: $769.50M vs $826.40M est

AYI (Acuity Brands)

• EPS: $4.69 vs $4.42 est
• REV: $1.14B vs $1.14B est

SNX (TD SYNNEX)

• EPS: $3.83 vs $3.63 est
• REV: $17.38B vs $16.93B est

LNN (Lindsay Corporation)

• EPS: $1.54 vs $1.47 est
• REV: $155.82M vs $167.11M est

MSM (MSC Industrial Direct)

• EPS: $0.99 vs $0.95 est
• REV: $965.70M vs $963.84M est

AZZ (AZZ Inc)

• EPS: $1.52 vs $1.46 est
• REV: $425.75M vs $418.61M est

UNF (UniFirst)

• EPS: $1.98 vs $2.06 est
• REV: $621.32M vs $615.14M est

WDFC (WD-40 Company)

• EPS: $1.28 vs $1.41 est
• REV: $154.42M vs $155.10M est

PSMT (PriceSmart)

• EPS: $1.29 vs $1.44 est
• REV: $1.38B vs $1.36B est

RPM (RPM International)

• EPS: $1.20 vs $1.42 est
• REV: $1.91B vs $1.93B est

What’s Happening Now

SLV iShares Silver Trust
Dalio’s thesis instantly validates as 2026 begins. Silver and gold lead the charge, as they continue to separate violently from the pack. Semiconductors join the breakout, crushing the broader tech indices. The rotation into hard assets and chips proves capital is seeking scarcity, abandoning broad exposure for concentrated strength.

GOOG Alphabet
Google enters its most powerful seasonal window of the year. The upcoming two-week stretch boasts a 73% historical win rate. This tailwind converges with accelerating AI revenue and explosive cloud growth. The stock is coiling just below all-time highs. Traders shouldn’t be shocked at a breakout as technical momentum aligns perfectly with fundamental acceleration.

Believe it or not, this is just a fraction of what happened in the markets last week. For a full rundown delivered straight to your inbox every weekend, sign up for The Official Trendspider Newsletter!