Welcome back from the weekend, hope it was a good one! Time to lace up your boots and climb back into the trenches!

Since Friday's session ended on a dour note and we are seeing continuation overnight in the index futures, look for the market to open up lower near trend support in the S&P illustrated below:

In my humble opinion, this is one of the last few support levels left before this trend breaks. If the recent dip shown above isn't bought near 880ish, the last possible support level left in this trend would be at 860. If the last two dips near 860 are broken, get short and stay short. In the meantime, try to stay balanced this week as the market searches for a sturdy floor.

The intra-day trends got pretty quiet towards the end of last week, but things should start to heat up this week as we head towards the expiration of January options. If you are going to be day trading, don't forget Monday's pivot points:

Mini Dow /YM

R2 8835

R1 8682

PP 8597

S1 8444

S2 8359

Mini S&P /ES

R2 926

R1 906

PP 894

S1 874

S2 862

Mini Nasdaq /NQ

R2 1246

R1 1231

PP 1217

S1 1205

S2 1190

Mini Russell /TF

R2 511

R1 498

PP 490

S1 476

S2 468

Also, keep an eye out for major Earnings Releases this week. For the economic calendar, CLICK HERE.

Last but not least, if you are looking for trading ideas, below is the Weekly Watchlist. Enjoy!

Price Patterns

Triangles

Ascending: CMN, LDK, NTRS, BLK

Symmetrical: AAPL, ABV, ENI, PWRD, MIDD, CFFN, SNY

Descending: TECH, AXP, LNN, UHAL

Flags

RGNC, SXE, CMVT, ITT

Cup & Handles

BUCY, GNK

Head & Shoulders

SSG,CBST / MTH,CTX

Double/Triple Bottoms

BIIB

Double/Triple Tops

RL, CMG

"Buy the Dip" Candidates (Bullish Stocks Near Support)

NFLX, HEI, SAFT, QSII, CAI, CSC, TTC, AVAV, MEE, FCX, SPW, ACS, NAT, KEX, ROS, RTN, GPC, NNDS, CALM, ITRI, TWGP, SHEN, CEPH, IBM, COL, RWT

"Sell the Rip" Candidates (Bearish Stocks Near Resistance)

SAM, LUFK, FCN, PLCE, CRDN, HIT, BKE, COV, UVV, PNC, SNI, TGT, PPG, CHD, KCI, ADS, SON, ERTS, RAI, MCO, GENZ, SPG, FRT, AVB

Potential Breakouts

AMR, CAL, NLY, CMO

Potential Breakdowns

WAT, MTD, CVS, PAYX, FAST