Looks like we'll be kicking off the week by opening modestly lower across the board. Futures prices are off by a few points, which has been the pattern over the last several trading sessions. Crude oil is stable.

The market did a great job of holding up last week, but when it came down to making some upward progress, the bulls backed off quite a bit. Prices managed to hover around 820 all week. The lows at 800 were firm and the highs at 865, 840, and 835 were soft. Look at prices on a 20 day chart and this consolidation of prices is a great tool to use in taking new risk this week. Depending on which way prices break, use that directional move to position your trades this week.

There is lots of Economic data this week that could influence market direction - FOMC meeting, GDP, and plenty of housing data. Make sure to check out this weeks Earnings and Economic calendars.

Check out the links below for this weeks Weekly Watchlist.

Price Patterns

Head & Shoulders: AZO, ATK, WMI, BBY, TWGP

Ascending/Symmetrical Triangles: CPLA, BAGL, IPI, GME, RAH, FE

Descending Triangles: CHE, UHAL, FAST, PSYS, CYMI, BKE, FFIV

Flags: HOC, ILMN, IBM, MIL, WDC, SNDK, MRO, FTO

"Buy the Dips" - Bullish Stocks Near Support

CMO, TSO, NTRS, QCOM, LLTC, RIG, SIGM, WEN, CKH, MU, TER, NVLS, Q, ASEI, APOL

"Sell the Rips" - Bearish Stocks Near Resistance

ACV, ADM, MATW, KMB, WRC, AVB, HME, OFC, PCP, ELL, PNRA

Breakout Candidates

FDO, FDP, DV

Breakdown Candidates

SYK, COV, WAT, TM, MTD, ESRX