A very important week begins tomorrow. The market will be focused on the inauguration of our 44th President, Barack Obama. All eyes and ears will be focused on his address, so pay close attention to tomorrows reaction. It could be a lead-in for the manner in which prices move over the next four days.

Looking back at last week,an important range was established in the S&P. After support gave way at 860, prices found new support at the early December lows (812).After the low was put in, 860was retested as resistance Friday morning, keeping a lid on the bulls. Use this range (860/812) as action points this week. If 860 gives way to the upside, get long. If 812 gives way to the downside, get short.

At the moment, index futures are trading lower, retreating further from overhead resistance. Dow futures are down over 108 points, Nasdaq futures are down 15 points, and S&P futures are down over 12 points. Crude oil is down over $2, trading at $34.

Earnings season is heating up, so make sure you are watching for earnings dates before taking new positions. For the earnings calendar, CLICK HERE.

Not much economic data this week, but for this weeks calendar, CLICK HERE.

As for individual trade ideas, check out the Weekly Watchlist below.

Price Patterns

Symmetrical Triangles- TGT, SAM, RIG, ICLR

Ascending Triangles- MDT, CMN, TNH

Descending Triangles- UHAL,LNN,UVV,TECH,DNEX

Flags- FTO, POWL, ARLP

Other- UGA- Inv. H&S / SHLD - Cup and handle

"Buy the Dips" - Bullish Stocks Near Support

CAI, HANS, ALK, SKYW, GVA, RGLD, SUN, QSII, WTR, MRO, ASEI, LMT, LLL, SPW

"Sell the Rips" - Bearish Stocks Near Resistance

CMG, ASTE, KMB, TL, MCO, WRC, VFC, COL, RL, FII, WAT, ESS, TM, CEC, RE, AVB, NUE, NTRS, SRCL, PNRA, MSM

Potential Breakouts

COCO, CECO, AMR, FDO, CAL, AWH, FDP, CPLA, HOC, DV

Potential Breakdowns

DO, CME, BIDU, ESRX