Good morning!  The market as a whole saw little momentum as expected following the strong upside into early last week. Instead the day was marked by a number of intraday pivots as the indices fell in a range from Friday's closing highs to the lows made within the first 30 minutes of the day on Monday and these levels held into the close. As a result, the indices remained relatively unchanged once it all played out, only slightly lower for the wear. The Dow Jones Industrial Average ($INDU) lost 11.13 points, the S&P 500 ($SPX) dropped 3.17 points and the Nasdaq Composite ($COMPX) ended 9.48 points lower.

After the initial selling into the open, the market put in a strong pivot off lows in the Dow and the S&Ps. The Dow showed the best relative strength, moving into its 15 minute 20 sma resistance at the 10:45 ET reversal period before stalling. The Nasdaq performed the poorest, only making it to its 5 minute 20 sma into the same reversal zone. It continued to round off at lows, however, holding the prior pivot with a double bottom over noon on the 5 minute charts. The S&P 500 formed a similar pattern, putting in a very slightly lower low to create a 2B reversal pattern off lows into lunch.

Following the norm, volume declined mid-day. The downside moves within the range slowed as compared to upside action. The Nasdaq fell into a range near intraday highs as the 12:00 ET reversal period hit, creating a scalp buy setup into 13:00 ET. Highs held at that reversal zone and the market continued to chop back and forth for the remainder of the session and the 13:30, 15:00 and 15:30 reversal periods all held very well.

The Nasdaq is showing the best pattern at this time with a 15 minute cup with handle into the last hour of the day on Monday. This leaves room for some additional upside into Tuesday morning, but the other two indices are not echoing those sentiments. In fact, the S&P 500 is forming a reverse cup with handle on the 30 minute charts. As a result, I would use added caution once again on Tuesday and focus on the smaller intraday time frames and momentum stocks moving on news such as earnings for the best setups. My bias is slightly skewed to the favor of the bears. While swingtrade setups on daily charts are still out there, they are a lot more rare than early last week. A couple more days of correction off highs would allow for a greater number to appear.

Economic Reports and Events
Apr 25: Consumer Confidence for Apr (10:00 AM), Existing Home Sales for Mar (10:00 am)
Apr 26: Durable Orders for Mar (8:30 am), New Home Sales for Mar (10:00 am), Crude Inventories 04/21 (10:30 am), Fedââ,¬â"¢s Beige Book (14:00 pm)
Apr 27: Initial Claims 04/22 (8:30 am), Help-Wanted Index for Mar (10:00 am)
Apr 28: Chain Deflator-Adv. For Q1 (8:30 am), Employment Cost Index for Q1 (8:30 am), GDP-ADV. for Q1 (8:30 am), Mich Sentiment-Rev. for Apr (9:50 am), Chicago PMI for Apr (10:00 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
Apr 25: ACE (A), AKS (B), AMZN (4:00 pm ET), AMP (A), ASN (B), T (B), ATML (4:05 pm ET), BJS (B), BXP (A), BYD (?), BP (?), EAT (B), BMHC (B), BNI (B), CHRW (A), CNC (B), CKFR (A), CME (B), GLW (A), DV (A), DBD (B), DD (B), ENWV (A), ENR (B), ESV (?), ENTU (A), EXTR (A), FISV (?), FRX (B), HOLX (?), IMCL (?), NDE (B), IM (A), IMCL (?), ISSX (A), JCOM (A), JEC (?), JBLU (?), KIM (B), LLL (B), LH (B), LAB (B), LSCC (A), LCAV (B), LXK (B), LMT (B), LU (B), LVLT (?), MTW (A), MHP (B), MSO (B), MVK (A), MTH (A), CRL (A), MCHP (A), MIL (A), MUR (?), NOC (B), OXY (B), PCAR (?), PNRA (?), PCZ (?), PPP (?), PWER (A), RFMD (?), SANM (?), SCSS (A), SEPR (B), SIRF (A), SII (B), SGTL (4:05 pm ET), SSCC (B), SO (B), STM (A), SNV (?), TE (A), CAKE (A), SSP (B), MHP (B), SWK (A), TRAD (?), TRI (A), TQNT (A), X (?), VLO (?), VAR (A), VRTX (A), VFC (?), VMC (A), WDR (B), WWY (?), XL (A)
Apr 26: ABY (?), AEM (A), APD (B), AKAM (A), ALGN (B), ATI (B), ABK (B), DOX (?), AHC (B), AHM (?), ABC (B), AMKR (A), AMLN (?), APPB (A), AMCC (A), ARBA (A), ARRS (A), ASH (08:00 pm ET), AV (A), BHI (B), BDX (B), BIIB (B), BCGI (A), CDNS (A), CD (4:00 pm ET), CTX (A), CRUS (A), CDSS (A), CL (?), CYH (A), COP (?), CCI (A), CYTC (A), DENN (A), DO (?), DRE (A), ECA (?), ESLR (B), EXC (B), ESRX (A), FNF (A), FHRX (A), FE (B), FORM (A), HMC (?), HMT (B), IFX (?), INSP (A), KOMG (A), LEA (B), LSS (?), LPX (?), LSI (A), FLSH (B), HCR (B), MXIM (A), MXO (A), WFR (?), MENT (?), MNST (B), MRVC (A), NOV (B), NETL (A), NYB (?), NSC (B), NCX (?), ODP (?), PANC (A), PMTC (B), PEP (B), PTP (A), PYX (A), POT (?), PX (B), PLD (B), PHM (A), STR (A), RBAK (4:45 pm ET), COL (B), RDC (B), SCUR (A), SIMG (A), SOHU (?), SNWL (B), S (?), STTS (A), TASR (?), BNK (B), BA (B), FAF (B), TMO (B), TRID (A), WLP (06:00 am ET), WY (B), XLNX (5:00 pm ET), ZMH (A)
Apr 27: ARDI (A), ABB (12:00 am ET), EYE (B), AET (06:00 am ET), AAI (?), ALA (?), AYE (A), ALTR (A), APC (?), ANDW (?), APA (?), BZH (B), BEBE (?), BDK (B), BOW (B), BC (B), BG (B), CAH (B), CLS (A), CTL (B), CRDN (?), CCE (B), COGT (A), CMCSA (B), BVN (?), CNXT (?), CNX (B), CAM (?), CFC (B), DCX (?), DDR (A9, DRIV (A), DTAS (4:00 pm ET), DOV (A), EMN (A), ELX (?), FLEX (?), BEN (B), GTW (?), GGC (A), GSK (?), HC (?), HLIT (A), HET (?), HIG (?), IDNX (?), IKN (?), ILOG (10:00 am ET), IRF (?), ISRG (A), IVGN (?), JNS (?), K (B), KLAC (A), KLIC (B), LPNT (A), LIZ (B), LYO (B), MRO (?), MEE (A), MET (A), MGM (B), MSCC (A), MSFT (A), MLNM (B), MRH (A), MPS (?), NENG (B), NWL (B), NFX (?), NXY (B), NIHD (?), OI (?), OLN (A), OCR (B), ONNN (A), QLTI (B), RACK (A), RTN (B), ROK (B), R (B), SSTI (A), SPF (A), HOT (B), SPN (?), TNE (B), DOW (B), UHS (?), VSEA (A), WEBX (A), WEBM (A), WEN (?), WDC (A), XEL (?)
Apr 28: AXL (?), ARM (B), ATW (?), ADP (B), AVP (?), CCJ (?), COCO (?), CVH (?), CMI (B), GERN (B), TX (?)
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.