The TML Report January 13, 2026 – Resistance Remains at the November 4th Gap Down

Market Overview

Very little has changed with the general market since the last report. The major indexes continued to make constructive progress again this afternoon. However, the NASDAQ continues to struggle below its November 4th gap down. No doubt, NVIDIA’s inability to reclaim its 50-day moving average recently certainly isn’t helping.

More importantly, the health and breadth of leading growth stocks remain robust and continue to improve. Broad, healthy leadership is what ultimately fuels healthy breakouts and sustainable uptrends in the major indexes. So as long as the market’s leaders continue to chug along as they have been, the NASDAQ will likely resolve to the upside from current levels.

Remember, NVDA is just one semiconductor stock, and despite its heavy weighting and influence on the NASDAQ, the rest of the group is looking great. For example, INTC, AMD, and LSCC are just a few. There are many others.

Tonight’s focus list includes leaders from across industry groups. You will notice there are noticeably fewer actionable setups, as many of the best leading names have already moved passed their entry areas and need some time to set up again.

Regardless, the NASDAQ continues to develop in a healthy, constructive manner, and as far as potential actionable setups are concerned, it is one of the best right now.

Indexes

QQQ

The NASDAQ continues to consolidate constructively just below key resistance and appears ready to break out from here.

SPY

The S&P 500 has held up and closed in a relatively tight range just a hair elow all-time highs over the last few days.

IWM

Russell 2000 continues to exhibit the most strength as the small cap index continues to lead the way.

DIA

The Dow Jones continues to consolidate constructively above its 10-day moving average and slightly below its all-time high.

Focus List

AMD

AMD looks like it may be getting ready to push through resistance and begin to form the right side of a new base. I am watching for an early entry area to develop with a tight, logical stop.

CRDO

CRDO has pushed through some major overhead after five consecutive days higher. However, volume declined along the way. So, a breather here would be ideal, especially if it can hold above the 50-day SMA.

TSEM

While TSEM can have some wild days, it has exhibited extreme relative strength over the last several weeks, and it now looks like it may be getting ready to break out of a constructive looking flat base which has formed above key support.

VICR

While VICR continues to work on a constructive-looking bull flag, there is a bigger pattern in play on its monthly as it continues to make its way towards its $164.76 prior all-time high from November 2021..

BE

BE has had a fairly straight-up move off the bottom back to just below its prior all-time highs. It can clearly use a bit of time to consolidate before it attempts to break out to new all-time highs.

EOSE

EOSE has moved powerfully up the right side of its base from its most recent lows on heavy volume, offering a few spots for early entry and has turned prior resistance into support. A bit of time to rest and consolidate before it attempts to continue higher from here would be ideal. I am watching for another potential entry area as the chart continues to develop from here.

IREN

IREN has pushed powerfully through all of its key moving averages and is finding a bit of resistance at a prior gap down. I would love to see a continued push higher followed by a constructive pullback to its 50-day moving average, which would allow for some buying to be done. The reason I say a push first would be ideal is to get that 50-day moving average flat to pointing up first, which makes buying the pullback less risky.

CIFR

CIFR has picked up volume over the last four days as it has reclaimed all of its key moving averages and is trying to break out through its first consolidation pivot point just above the 50-day moving average, which makes for a high-risk reward setup.

APLD

Another day or two of rest for APLD would be ideal before it attempts to move higher, and potentially offering an entry. A constructive pullback to its prior pivot is worth watching for entry as well.

CVNA

The CVNA looks like it has started to wedge up along the lows over the last few days. So, I'd love to see a shakeout below that area to clean it up before a breakout attempt..

GRAL

Leading biotech name, GRAL, looks like it's setting up to break out with a little more time. It's base on base formation could lead to a powerful move, especially given the strength in the group.