· Tues: Redbook 8:55 AM ET
· Tues: Existing Home Sales 10:00 AM ET
· Weds: Durable Goods Orders 8:30 AM ET
· Weds: New Home Sales 10:00 AM ET
· Weds: FOMC Meeting Announcement 2:15 PM ET
· Thurs: GDP 8:30 AM ET
· Thurs: Jobless Claims 8:30 AM ET
· Fri: Personal Income and Outlays 8:30 AM ET
· Fri: Consumer Sentiment 9:55 AM ET
Lots of economic data and announcements to be had this week so make sure your overnight positions are hedged and you are positioned accordingly for potentially wild moves in the market.
We have three key resistance points to watch out for on the S&P500.
1. The January high.
2. The prior swing high and potential left shoulder of a H&S Pattern.
3. The backside of the up-trend line.
Remember, the market will usually travel in the path of least resistance.
If we cannot push above 930 on the S&P, we will expect to retest the 880 level. If we do however push through the 930 S&P level then 956.23 will be the next resistance point.