Publication date: Jan. 22, 2026

It is Thursday, January 22. The AEX notes 1001 points in the opening session. That is 6 points (0.6%) lower than last week's reading.

What happened on the AEX over the past week?

In the previous week, the AEX still set the record high at 1,013 points, but over the weekend, Donald Trump came out with trade measures and tensions rose in the Greenland situation.

Financial markets then had to backtrack a bit, but reacted relatively calmly. The AEX opened Monday at 997 and fell through to 982 on Tuesday. This is a 3% drop after the index rose 5% in a week and set a record.

On Wednesday, President Trump spoke with reassuring words during his speech to the World Economic Forum in Davos. The U.S. will not go to war over Greenland and there is a framework for a deal that would get the punitive tariffs against the eight EU countries off the table.

Wednesday, stock markets picked up and the AEX officially closed at 994. In evening trading, the index moved above the 1,000-point barrier.

What does this mean for sentiment on the AEX?

Overall sentiment on the AEX is positive. A volatile transition period is expected in financial markets in Q1 2026, but underlying sentiment is positive.

What is the expectation for the AEX?

In the most likely scenario for the coming months, the AEX will set a new top in the zone around 1,040 and then undergo a correction to the zone around 980. This is the format for the upward breakout towards the 12-month price target at 1,070.

Below 910, the longer-term positive scenario expires and the AEX enters a neutral zone with an increased risk of further decline.  As long as 910 holds, the long-term positive scenario remains in place.





Above is the chart of the AEX as of July 2025. The arrows indicate the most likely scenario for the coming months.


Whathappened on the Nasdaq this past week?

The Nasdaq futures are at 25,620 on Thursday morning, January 22. That is down 60 points (0.25%) from last week.

The Nasdaq futures are fluctuating relatively sideways for the third week within a 4% range between 25,000 and 26,000.


What is the outlook for the Nasdaq futures?

Long-term positive with a new price target of 28,500. The Nasdaq is moving adrift and, for the short term, gives a high uncertainty score regarding direction, but in the most likely scenario, will finish the correction in the zone around 23,800. From that level, the Nasdaq can continue upward toward the price target. With a close below 22,200, the positive scenario expires.

Below is the chart of the Nasdaq futures from January 2025 with the most likely scenario.

What happened on the Dow Jones Industrial Average (DJIA) Index this past week?

The DJIA is currently trading at 49,365 points, which is 35 points (0.07%) lower than last week's reading.

The DJIA is moving relatively quietly between 48,500 and 49,400. It opened the week slightly lower and rebounded after Donald Trump's speech.