Good morning! I'm a bit under the weather here as the week winds to a close, so I'm going to make the column today a bit more brief than usual. Take a look at the charts below to view the technical action for the day. Despite the late day turn around with the 2T double top around 14:00, many stocks had a really great session on Thursday. The morning began with a lot of choppy action, but broke higher just before noon. That buying helped fill the prior day's gap, taking a number of stocks to new highs on the year.

Overall my outlook over the next couple of weeks is still falling in line with what we were looking at heading into the new year. Despite the bounce off Wednesday's lows, there is still the concern that the market tried to break higher too fast this year. The result has been the correction off highs over the course of the past week. A correction like this did not occur on the last market run from November until a more substantial upside move lasting about a month had been put in. Hence, we are still looking at the risk that this most recent pullback from highs lasts into the 20 week moving average support levels in the S&P500, NASDAQ Composite, and Dow Jones Ind. Average. The best scenario for bulls is that the moving average rises to catch up with current price action as opposed to the market declining quickly into that support. It will also be ideal for volume to decline as well, showing a lack of strong selling interest as the correction progresses.

Economic Reports and Events
Jan 20: Mich. Sentiment-Prel. for Jan (9:50 am)

Earnings Announcements of Interest
Only stocks with an average daily volume of 500K+ are listed. List may not be complete so be sure to always check your stock's earnings date before holding a position overnight. (A) = Earnings after the close, (B) = Earnings before the open, (?) = Earnings time not specified at the time of this writing
Jan 20: AT (?), C (B), GE (?), JCI (B), KEY (B), RF (B), SLB (B)
Jan 23: AXP (?), ACF (A), ARBA (A), AV (A), BAC (B), CBST (A), ET (A), ETN (B), F (B), MSPD (?), PPC (B), SKM (3:00 pm ET), TXN (A)
Jan 24: MMM (B), ADTN (?), AGR (?), AAI (B), AKS (?), BJS (?), EAT (B), BNI (B), CA (?), CTX (A), CKFR (A), COH (B), GLW (A), CSX (?), DD (B), EMC (B), EXTR (A), GDW (?), HMA (B), JNJ (B), KMB (B), LAB (B), LXK (B), LU (B), NFLX (?), NOC (B), PPP (?), RFMD (A), RYL (A), STLD (?), STM (A), SUNW (4:30 pm ET), NYT (B), TMA (A), TDW (B), UTX (B), ZION (A)
Note: All economic numbers and earnings reports are in lines with those compiled by Yahoo Finance. Occasionally changes will occur that are made after the posting of this column.

Toni Hansen is President and Co-founder of the Bastiat Group, Inc., and runs the popular Trading From Main Street. She can be reached at Toni@tradingfrommainstreet.com.