Technical: The market is over-extended to the downside with slowing momentum at 1850 which is your current support level.  If 1850 holds this week expect the market to test 1950 on a bearish retracement.  The market is slightly bearish in a bearish retracement.

Economically: Big week from an economics perspective this week with Consumer Confidence, FOMC, Durable Goods, and GDP come over the course of the week.  My expectations for the FOMC is they will not shift course due to the market volatility at the beginning of the year and their read will be more hawkish than the market wants.  GDP will come in stagnant as the economy continues to slow despite the blind FED.

Earnings: Huge week with earnings coming from none other than over 145 large cap companies and above.  MCD led the way this morning with their all day breakfast menu over to a great start.  HAL and KMB missed with the typical, we are nervous for the year, strong dollar….  Big names such as AAPL, FB, MSFT, LMT, HAL, BA, BIIB, F, JNJ all reporting this week.

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