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Gold Rallies, Fed Chair Named, Memory Stocks Lead- Weekend Watchlist

Policy shifts and earnings dispersion drive a volatile trading week.

Author

Humbled Trader
February 01, 2026

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Markets delivered on last week’s “Higher Volatility” forecast, even though headline index performance finished flat to slightly positive. Stocks rallied early in the week before giving back gains in the back half, masking sharp intra-week swings.

Volatility picked up meaningfully, with the VIX briefly nearing 20, driven by tech earnings dispersion. META surged nearly 10% while MSFT fell almost as much. ServiceNow dropped ~10% post-earnings despite a beat-and-raise quarter, while memory and storage stocks (SanDisk, Seagate, Western Digital) rallied on strong guidance. Earnings overall remained solid: 79% of S&P 500 companies beat EPS, with earnings growth tracking above 15% YoY so far this season.

The Fed held rates steady, while markets digested news that Kevin Warsh has been nominated as the next Fed Chair, adding uncertainty around future policy.

‎TLDR Stock Market Weekly Update - Feb 1, 2026

📊 Technical Levels & Market Signals

  • Nasdaq 100 (NDX): Recently hit three-month highs but rolled over post-earnings. A bounce off the 50-day SMA failed to hold.
    Bias: Neutral to cautious.

  • Russell 2000 (RUT): Down ~2% on the week as the rotation trade unwound. RSI slipped below 50 and MACD turned bearish.
    Bias: Cautious; potential test of 50-day SMA.

  • Market Breadth: Contracted, especially in tech-heavy indices, reflecting post-earnings pressure in mega caps.

💰 Economic Data, Rates & the Fed

  • FOMC: Rates unchanged; policy described as “appropriate” given firm growth.

  • PPI: Hotter than expected, signaling sticky inflation pressures.

  • Consumer Confidence: Fell to a 10-year low.

  • Chicago PMI: Jumped to 54.0, first expansion reading in over two years.

  • Treasury Yields: Curve steepened modestly; 10-year pushed toward 4.25%.

  • Rate Cut Odds: Slightly increased following Fed meeting and Warsh nomination.

🏛️ Cryptocurrency Update

  • Bitcoin fell into the low $80Ks amid rising shutdown risk and uncertainty about Fed leadership. Unlike prior shutdown periods, positioning appears less stretched, which may limit downside. Ongoing balance sheet expansion by the Fed could provide longer-term support.

Sources: Charles Schwab

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📅 Coming up next week…

Economic Events:

  • Wed (Jan 28): Housing Starts, Building Permits, Pending Home Sales

  • Thu (Jan 29): GDP (Revised), PCE Inflation, Personal Income & Spending, Jobless Claims

  • Fri (Jan 30): University of Michigan Consumer Sentiment

Notable Earnings Reports:

  • Mon (Feb 2): DIS, PLTR, SPG

  • Tue (Feb 3): PYPL, PEP, AMD, SMCI, CMG

  • Wed (Feb 4): UBER, GOOGL, ARM, SNAP, QCOM

  • Thu (Feb 5): AMZN, RDDT, BE, AFRM, MSTR, RBLX

Sources: Earnings Whispers, Charles Schwab

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WDC $250.23

  • What a volatile end of the week for memory stocks. WDC, SNDK, and STX all reported explosive earnings due to surging demand.

  • These sector names finally experienced significant profit-taking after making yet another new all-time high.

  • I think in the short term, we could see the stock retest highs if it can hold and reclaim some technical key daily support first.

  • The KL I’m watching on WDC is around $230–$240 on the daily. If we gap down next week and bounce off the said KL, I think we could see a short-term technical bounce to test $260s and potentially above.

  • However, if the stock cannot hold KL, it’s no longer viable as a long idea.

  • Position Disclosure: No position

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SNDK $576.25

  • Out of all the memory stocks, this was perhaps the most extended name in my opinion.

  • I have no strong bias on either side, for now. It all depends on the stock opening next week.

  • If it gaps down and tests the low $500s, I think there could be a potential short-term momentum bounce set up. However, if it gaps back up to the highs from Friday around $610s, I think we could see another day of pop and fade.

  • This is purely a technical day trade idea.

  • Position Disclosure: No position

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DECK $119.34

  • The stock gapped up over multi-month resistance and finally over the 200SMA after an impressive earnings beat.

  • If you zoom out even more on the daily, it’s been trending under the 200SMA for the entire 2025.

  • The key level to watch is the $115 area on the daily. If the stock consolidates around the KL, it could break the daily downtrend and start a new uptrend towards $124, the $130s, and potentially higher.

  • This is purely a technical swing idea.

  • Position Disclosure: No Position

🗞️ Market movers you might’ve missed:

- $SNDK: Sandisk shares are trading higher after the company reported better-than-expected Q2 financial results and issued Q3 guidance above estimates.
- How we traded: Daily Extension Short

- $RCL: Royal Caribbean Cruises shares are trading higher after the company reported Q4 financial results and issued Q1 and FY26 adjusted EPS guidance above estimates.
- How we traded: Gap Up Reversal Long

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