Technical Indicator Summary Daily RSIs for the S&P 500 and Russell 2000 are neutral (>30 and <70). Technical Review The March S&P 500 gained another +0.63% on Tuesday, settling @ 6987.75. Lower Bollinger band support is 6811. Upper Bollinger band resistance is 7022. According to Tier1 Alpha, option dealer gamma remains in positive mode as of Tuesday’s close. When option dealer gamma is positive, option dealers mechanically buy weakness and sell strength to hedge their exposure. Positive gamma for option dealers increases the odds of LOWER realized volatility and SMALLER percentage moves up or down from one day to the next. Market Outlook And just like that, the SPX finished Tuesday’s session at a new all-time high. Welcome to Quad 1! The Russell 2000 got off to a slow start on Tuesday, but by the close the small-caps won the day agin. But don’t get too comfortable, we may have a big tariff headline this week. Hedgeye’s chief legal analyst, Paul Glenchur, thinks there is a 70% chance that the Supreme Court rules against the Trump administration’s use of IEEPA laws to justify certain tariffs. Regardless of the Supreme Court’s decision, we expect a market reaction to follow. According to the CME’s FedWatch Tool, rate markets are pricing an 18.3% probability that the Fed cuts rates by 25 bps on January 28

Technical Indicator Summary Daily RSIs for the S&P 500 and Russell 2000 are neutral (>30 and <70). Technical Review The March S&P 500 rallied +0.63% higher on Monday, settling @ 6943.75. Lower Bollinger band support is 6813. Upper Bollinger band resistance is 7015. According to Tier1 Alpha, option dealer flipped to positive mode as of Monday’s close. When option dealer gamma is positive, option dealers mechanically buy weakness and sell strength to hedge their exposure. Positive gamma for option dealers increases the odds of LOWER realized volatility and SMALLER percentage moves up or down from one day to the next. Market Outlook While Friday was the first trading day of 2026, Monday was likely the first day back to work for many market participants. The holidays are over, kids are back to school and US markets are off to the races! Hedgeye’s forecast of Quad 1 conditions in Q1 was on full display on Monday with the small-cap Russell 2000 leading the way higher. Don’t foget that we are now just 8 days from the beginning of earnings season when JPM is expected to report ahead of the opening bell on Tuesday, January 13. According to the CME’s FedWatch Tool, rate markets are pricing an 16.1% probability that the Fed cuts rates by 25 bps on January 28.

Technical Indicator Summary Daily RSIs for the S&P 500 and Russell 2000 are neutral (>30 and <70). Technical Review The March S&P 500 edged +0.12% higher on Friday, settling @ 6900.50. Lower Bollinger band support is 6811. Upper Bollinger band resistance is 7012. According to Tier1 Alpha, option dealer remains in negative mode as of Friday’s close. When option dealer gamma is negative, option dealers mechanically sell weakness and buy strength to hedge their exposure. Negative gamma for option dealers increases the odds of HIGHER realized volatility and LARGER percentage moves up or down from one day to the next. Market Outlook The first trading day of 2026 got off to a quiet start with the small-cap Russell 2000 leading the way on the upside. The current set-up for the S&P 500 is bullish based on low volatility signals. In addition to volatility, Hedgeye’s Quad 1 regime in Q1 adds to our bullshness. According to the CME’s FedWatch Tool, rate markets are pricing an 17.2% probability that the Fed cuts rates by 25 bps on January 28.