The TML Report January 30, 2026 – NASDAQ Fails to Hold the Gap

Market Overview

The NASDAQ traded above the November 4th gap down, but only for a few days. Unfortunately, the tech-heavy index fell back into its consolidation, despite a powerful rebound before the closing bell on Thursday. Friday saw further selling, although it finished with an inside day, and closed above the January 20th gap-down and 50-day SMA, which is a positive.

The S&P 500 exhibited similar action last Thursday and Friday. However, it’s stronger and is in better shape overall.

The Russell 2000 continued to sell off, although it’s still trading above its prior all-time high, and remains in relatively good shape despite closing slightly below its 21-day SMA.

Many market leaders are now extended to the upside and could use some time to breathe and base build. Combine that with a noticeable decrease in the number of actionable setups, with earnings season in full swing, and you have the ideal recipe for major chop and volatility.

If you’re long and strong with enough profits on your positions to sit through earnings, fantastic. Otherwise, it’s a good idea to minimize exposure and wait for a few more cards to come out of the deck here.

Indexes

QQQ

The NASDAQ fell back into its base and could still go either way, depending on how the tone of earnings season shapes up from here.

SPY

The S&P 500 continues to hold up better than the NASDAQ, trading only slightly below its prior all-time high.

IWM

Russell 2000 has continued to pull back and continues to trade above key support, despite closing a hair below the 21-day SMA.

DIA

The Dow continued to drift slightly lower, although it remains above its 50-day moving average and just a bit below its prior all-time high.

Focus List

GOOGL

GOOGL looks like it's setting up incredibly well, with earnings due this Wednesday, February 4th, AMC.

AAPL

AAPL reported earnings last week and now looks like it's ready to start moving higher again.

META

META gapped up after earnings last week and looks like it's forming an entry area around $711.00.

AMD

AMD has pulled back to logical support at the confluence of its 23-EMA and $234.01 prior pivot, after a powerful push up the right side of its base and may offer an entry in this area, depending on how it shapes up from here.

NVDA

NVDA has been lagging while many other big leaders in the semiconductor group have been on fire. It now looks like it may be starting to participate while the extended names in the group pull back for a potential rest. This would be a positive for the NASDAQ, given NVDA's weighting on the Tech Heavy Index.

IREn

IREN is a volatile name, so Friday's sharp pullback is not out of character, and ultimately closed above key support, At the confluence of its prior pivot, 21-day SMA and 23 EMA, just slightly below. Ideally, this will shape up into another add/buy area.

BE

BE broke out on Wednesday but pulled back with the market on Thursday and Friday. it is now retesting the confluence of its prior high and 10-day SMA, which was also its last entry area.

TEVA

Leading pharmaceutical stock, TEVA, broke out to new highs on heavy volume Friday despite weakness in the general market.

GH

GH has pulled back constructively to its 50-day SMA after a failed breakout attempt the week prior, and now looks like it is working on a re-breakout, with the potential to go much higher.

AXGN

AXGN looks like it could have been bought on Friday as it began to break out of its most recent consolidation on heavy volume and remains within range. It certainly doesn't hurt to see benchmark names in the group like AMGN and GILD breaking out to new all-time highs.