Structure Ahead of Earnings and the Fed – January 27, 2026

This is where structure stands before earnings and the Fed have a chance to distort perception.

By mid-January, the market had established a steady rhythm. New highs were coming without much resistance. Pullbacks were shallow and resolved quickly. Price was advancing, but not accelerating. Nothing felt stretched.

That changed on January 16.

From 1/16 into 1/21, ES sold off nearly 200 points. The move was fast and directional, and it interrupted a stretch of behavior that had gone largely unchallenged. This wasn’t a slow deterioration or a sequence of failed tests. It was a repricing that forced participation and cleared positioning quickly.