Markets opened last week with a gap to the downside following tariff headlines related to Greenland, but sentiment quickly reversed as the so-called “Taco trade” kicked in after President Trump walked back the tariff plans. Outside of equities, silver continued its explosive move higher, gaining more than 14% on the week, while crypto remained under pressure with Bitcoin closing down around 4%. Earnings season also pressed on, with a notable shock from $INTC that led to a gap down of over 15%.
Looking ahead, the upcoming week is packed with earnings reports and a key FOMC meeting, including remarks from Jerome Powell. Several of the largest companies in the market are set to report, including $TSLA, $AAPL, $MSFT, and $META, setting the stage for a potentially volatile time. Let’s see how the charts are setting up.
Weekly Analysis
SPY (SPDR S&P 500)
SPY closed the week slightly lower at $689.23 (-0.35%), with support at the LinkLine indicator by James Chellis continuing to hold. However, each bounce off this level has coincided with a bearish divergence on the RSI Divergences indicator by Libertus, suggesting momentum may be fading. This week’s earnings should offer clearer direction as traders assess whether support holds or cracks under pressure.
QQQ (Invesco QQQ Trust)
The Nasdaq-100 outperformed the S&P 500 slightly last week, with QQQ closing up at $622.72 (+0.24%). The index remains in a choppy range but has bounced cleanly off LinkLine support. As a result, momentum remains muted, with no bearish RSI divergences being flagged due to the lack of new highs. With several major tech names reporting this week, earnings could be the catalyst that determines whether the Nasdaq-100 regains upside traction or stays range-bound.
IWM (iShares Russell 2000)
The IWM ETF slipped slightly last week, closing at $264.81 (-0.36%), marking the end of its recent streak of outperformance versus large caps. After hitting a new all-time high on Thursday, a bearish RSI divergence emerged, followed by a sharp sell-off into Friday’s close. With the FOMC meeting ahead and markets pricing in a 98% chance of no rate change, this rate-sensitive ETF may have already fully priced in prior rate cut expectations.
Earnings
Notable Results
INTC (Intel)
- EPS: $0.15 vs $0.04 est
- REV: $13.67B vs $13.39B est
MBLY (Mobileye Global)
- EPS: $0.06 vs $0.03 est
- REV: $446.00M vs $435.06M est
TRV (Travelers Companies)
- EPS: $11.13 vs $8.61 est
- REV: $12.43B vs $11.66B est
ISRG (Intuitive Surgical)
- EPS: $2.53 vs $2.09 est
- REV: $2.87B vs $2.80B est
IBKR (Interactive Brokers)
- EPS: $0.65 vs $0.56 est
- REV: $1.64B vs $1.58B est
GE (General Electric)
- EPS: $1.57 vs $1.43 est
- REV: $12.72B vs $11.23B est
KMI (Kinder Morgan)
- EPS: $0.39 vs $0.36 est
- REV: $4.51B vs $4.37B est
ALLY (Ally Financial)
- EPS: $1.09 vs $1.02 est
- REV: $2.17B vs $2.14B est
USB (U.S. Bancorp)
- EPS: $1.26 vs $1.19 est
- REV: $7.34B vs $7.32B est
UAL (United Airlines)
- EPS: $3.10 vs $2.96 est
- REV: $15.40B vs $15.36B est
TFC (Truist Financial)
- EPS: $1.12 vs $1.09 est
- REV: $5.30B vs $5.30B est
NFLX (Netflix)
- EPS: $0.56 vs $0.55 est
- REV: $12.05B vs $11.97B est
MMM (3M)
- EPS: $1.83 vs $1.81 est
- REV: $6.02B vs $6.04B est
PG (Procter & Gamble)
- EPS: $1.88 vs $1.86 est
- REV: $22.21B vs $22.29B est
SCHW (Charles Schwab)
- EPS: $1.39 vs $1.38 est
- REV: $6.34B vs $6.34B est
ABT (Abbott Laboratories)
- EPS: $1.50 vs $1.50 est
- REV: $11.46B vs $11.80B est
JNJ (Johnson & Johnson)
- EPS: $2.46 vs $2.47 est
- REV: $24.56B vs $24.15B est
COF (Capital One Financial)
- EPS: $3.86 vs $4.11 est
- REV: $15.58B vs $15.40B est
What’s Happening Now
SILJ Junior Silver Miners
With silver recently crossing the historic $100 milestone, precious metal ETFs have been outshining. “Pick-and-shovel” miner funds have outperformed physical in both the silver and gold sectors, but with different leverage dynamics. More speculative junior miners have led the pack, while gold miners have more than doubled gold itself. However, established silver miners have barely outpaced spot (potentially weighed down by rising operational costs).
META META Platforms
META enters its strongest seasonal window of the year as it reports earnings on January 28. This stretch delivers the highest average return, but outcomes are binary. Expectations call for $8.22 EPS on $58.4B in revenue. Large EPS beats have fueled explosive rallies. Misses or margin scares throw a wet blanket over sentiment.
INTC Intel
Intel beat again, extending its streak of upside surprises. The market didn’t care. Shares fell 17% as Q1 guidance revealed structural problems. Revenue to drop double digits, margins to continue compressing, and cash burn to persist under heavy foundry spending. Earnings beats have bought time, but execution risk has defined the trade.
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!
