After three days of rest, the stock market will open once again. The market was able to close a bit higher on Thursady after some buying interest came in at the end of the trading session. The big story this week is earnings. Today kicks off the real beginning of earnings season. A few companies reported earnings last week, but all the action truly begins today. Citigroup beat estimates by 9 cents this morning when they reported earnings of $1.11 per share. A few others released either positive or in line earnings this morning.

Positive earnings reports will not necessarily allow the market to rally. With Gold surpassing $605 an ounce and oil inching towards $70 per barrel, a rally will be tough to come by. The yield on the 10-year Treasury (pictured below) managed to creep past 5%, currently 5.02%, which brings more negative psycological weight to the market.

Advanced Micro Devices (Ticker: AMD) took a big hit after reporting positive earnings last Wednesday. The reason for the decrease in share price is attributed to a statement by an AMD executive that sales are expected to remain flat or decrease this quarter. The market believes this is a result of the continued pressure Intel places on AMD's market share.

It is tough to justify a sell off of this magnitude on a company of AMD's stature. That said, the technical setup here poses some serious concern.  Here is what alarms me. AMD was moving up nicely before consolidating between 42 and 38. It then took a downside move outside of the consolidation pattern before moving into a new consolidation pattern between 36 and 32. The recent downside spike pushed AMD below the 32 support level, outside the consolidation pattern. This occurred on extremely heavy volume, and the stock was able to close below 32 support.

This is not the optimal set up for AMD shareholders. Although the company is managed well with a good business plan, technical indications steer me in the direction of a short position here.

Juniper Networks (NASDAQ: JNPR) presents a situation that is worth paying attention to. A look at the 3-day 3-minute chart shows us that JNPR has been trending to the upside. At market close on Thursday, the stock had a nice pop on heavy volume. Lastly, JNPR traded at relative strength to the market Wednesday and Thursday.

These are all bullish signs for JNPR. Although it is tough to judge how a stock will act after a 3 day weekend, I think JNPR is a stock worth watching in today's trading session.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.