Publication date: Jan. 29, 2026
It is Thursday, January 29. The AEX notes 1001 points in the opening session. That is exactly the same as last week's reading.
What happened on the AEX over the past week?
Led by heavyweight ASML, the AEX set an all-time high Wednesday morning at 1,017 points. Toward the end of the trading day, significant profits were taken in ASML and the AEX fell back to the 1,000 point level. Around that level, the AEX has been moving for over a week.
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.
image_here
What is the expectation for the AEX?
In the most likely scenario for the next few months, the AEX will first test the zone around 985 before setting a new top in the zone around 1,040.
After that, the AEX may undergo the correction to the zone around 980-975.This is the make-up 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 February 2024. The arrows indicate the most likely scenario for the coming months.
Whathappened on the Nasdaq this past week?
The Nasdaq futures are at 26,270 on Thursday morning, Jan. 29. That is 650 points (2.5%) higher than last week.
The Nasdaq futures have tested the record high of 26,400 over the past week with a high of 26,350. Windfall figures from Meta, Tesla and Microsoft brought the Nasdaq a nice price gain in the past week.
What is the outlook for the Nasdaq futures?
Long-term positive with a price target of 28,500. The Nasdaq is moving strongly at a high level but in the most likely scenario we can expect an intermediate decline to around 25,000 to possibly 24,300. From that zone, the Nasdaq can continue to move up towards the price target. With a close below 22,200, the positive scenario expires.
Below is the chart of the Nasdaq futures from February 2024 with the most likely scenario.
What happened on the Dow Jones Industrial Average (DJIA) Index this past week?
The DJIA is currently trading at 49,180 points, which is 185 points (0.35%) lower than last week's reading.
The DJIA is moving relatively quietly between 49,000 and 49,800.
cta_here
What is the outlook for the Dow Jones Industrial Average Index?
In the most likely short-term scenario, the DJIA may experience a modest correction to around 48,000. For the longer term, our system foresees a price target of 53,700. The scenario expires at a close below 45,500.
Below is the chart of the DJIA futures from February 2024 with the most likely scenario plotted.
Every Sunday morning we publish the stock market agenda for the coming week. Would you like to receive the stock market agenda by mail? Sign up here.
In the agenda, we cover the most important topics with an explanation and vision. Read here the stock exchange agenda from January 26 to January 30, 2026 and from Friday afternoon read here the stock exchange agenda for the week from February 2 to February 6, 2026.
Disclaimer: Investing involves risk. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and tips provided on this website are based on our analysts' own insights and experiences. They are therefore for educational purposes only.