Markets kicked off the year with fresh all-time highs, led by a powerful breakout in small caps and expanding market breadth. Technical signals suggest a healthier bull market — but also point to a more selective, stock-picker environment ahead.

Stocks began 2026 with mixed results as the S&P 500 stalled near record highs while commodities and crypto showed sharp volatility. This week’s technical market briefing breaks down key trends, leadership concentration, and critical support and resistance levels.

2025 delivered strong gains, rising volatility, and major shifts in market leadership across stocks, AI, global markets, metals, and crypto. As markets head into 2026 extended and vulnerable, key technical levels may determine what comes next.

Markets ended the week largely unchanged as year-end trading volume faded. Precious metals continued their historic surge, small caps lagged, and technical signals across major indexes remain mixed heading into a holiday-shortened week.

Stocks started December with modest gains as traders positioned ahead of the pivotal December Fed meeting, where rate-cut odds surged to 87%. With the S&P 500 near record highs and seasonal tailwinds in play, key technical levels will determine whether the year-end rally continues.