Modern Macro Technologies
Research · · 5 min read Members

01/21/2026 Market Update

Volatility arrives: a roughly 2% S&P selloff, a VIX push above its upper Bollinger band, and a January tax drain that left flows at their weakest since 2023. Also covered: Japan carry-trade stress and the bonds-up, dollar-down decoupling.

Douglas
Market Update — Wednesday, January 21, 2026
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