Good morning! While oil services ($OSX) soared, putting in a 3.4% gain, and utilities, networkers, gold and energy stocks all saw significant upside, the market as a whole had another difficult day. The open was strong, gapping up to correct from the landslide selling following Bernanke's late Friday comments. The gap held the 5 minute 20 sma, however, holding the indices in for the first hour of the day as they hugged resistance. It then popped quickly into the 15 minute 20 sma.

Upon running into resistance on the 15 minute charts, the indices began to diverge. While the Nasdaq quickly retraced back to morning lows, the Dow Jones Industrial Average and S&P 500 fell into a range on the 5 minute charts. The Dow once again emerged as the leader of the bunch, holding highs as the 5 minute 20 sma caught up. It then broke higher shortly after 11:00 ET while the Nasdaq flat-lined. The S&P 500 pulled up a bit and then it also began to base along highs as volume in the market continued to decline into the early afternoon.

When the Dow once more hit its 5 minute 20 sma, all three indices moved briefly higher around 12:30 ET. The S&P 500 even put in a new high coming out of its morning triangle, while the Nasdaq pulled up near morning highs. Throughout the session, however, the market was unable to put together anything more than upside moves lasting only a couple of minutes followed by longer basing action. This kept risk higher once more.

I found even fewer intraday setups on Monday than I did with Friday's mostly narrow session. One of the few clear cut ones in the Nasdaq came at 14:30 ET when the pace on the upside rounded off. The Dow and S&P 500 both began hugging its 5 minute 20 sma after attempting slightly higher highs again between 13:00-14:00 ET. This created a 5 minute breakdown that took the Nasdaq back into morning lows, the S&P 500 into 15 minute 200 sma support, and the Dow into its 5 minute 200 sma support. The pace was rather gradual, however, and the market swung slowly back up in the last hour.

My view of the market hasn't changed much from yesterday's column. The pace on the 15 minute charts still hasn't turned over for the bulls, so we can easily see a breakdown on Tuesday. As a whole though, the market still looks to go higher within the next couple of weeks. Continue to use added caution because a lot of folks are keeping an eye on this week's economic data for additional indications of upcoming Fed activity.

Economic Reports and Events
May 03: Factory Orders for Mar (10:00 am), ISM Services for Apr (10:00 am), Crude Inventories 04/28 (10:30 am)
May 04: Initial Claims 04/29 (8:30 am), Productivity-Prel for Q1 (8:30 am)
May 05: Average Workweek for Apr (8:30 am), Hourly Earnings for Apr (8:30 am), Nonfarm Payrolls for Apr (8:30 am), Unemployment Rate for Apr (8:30 am), Consumer Credit for Mar (15:00 pm)
May 08: -
May 09: Wholesale Inventories for Mar (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
May 03: TFSM (A), AGN (B), LNT (B), AT (?), WTR (?), ABX (A), CBJ (A), CI (B), CZN (B), CCU (B), CLX (?), CMS (B), CTSH (B), ED (?), CTB (?), CEI (B), DVA (B), DVN (B), D (B), EMKR (?), EQR (?), FBN (?), GRMN (B), GGB (?), GLG (B), GSF (A), HL (08:00 am ET), MMC (B), NLS (?), NI (B), PAAS (A), PKD (?), PTEN (B), PCG (?), POL (A), PRTL (?), PG (?), PRU (A), QLGC (A), Q (B), RHD (A), RA (A), SKYW (?), SBUX (?), SUN (A), TDW (B), TWX (B), TRN (A), TRX (B), UNTD (A), UNM (A), WFMI (A), WSH (A)
May 04: ATVI (A), ANR (B), AEE (B), AU (?), AIV (?), AVID (?), ACLS (5:00 pm ET), BRL (B), BKHM (A), CNQ (?), CSE (B), CNP (B), CEM (A), CQB (A), CNO (A), CVS (B), EK (B), ELN (B), EGO (A), HLTH (A), GMST (A), ICOS (?), INCY (B), IDCC (B), IIP (A), IP (B), ITG (B), JAH (B), KMG (?), KSE (B), LVS (A), MVL (B), MCK (A), NEW (?), NXL (B), OIS (B), PXP (B), PXP (B), QSFT (A), RGLD (B), TSG (?), STN (?), SU (?), TSO (?), DTV (B), EL (B), PMI (?), THE (B), TOT (02:00 am ET), RIG (B), TRZ (B), TYC (B), UBS (B), UVN (A), VRX (?), WMB (B)
May 05: AGU (?), CRK (?), EP (B), EOG (?), GSX (?), HMY (?), MHS (B), NSR (B), SNY (?), THQI (B)
May 08: ABP (B), ARXX (?), AVNX (?), BBD (?), BLKB (A), CSV (A), CCRT (A), EAGL (A), FLR (A), FTI (A), FTO (?), HW (B), HNT (?), HOC (B), IN (A), MYOG (?), OSIP (A), GOLD (02:00 am ET), SBAC (A), SONS (A), STO (2:30 am ET)
May 09: SIL (?), AZPN (A), ASYT (4:00 pm ET), BIDU (A), ITU (?), CELL (A), CVC (B), CSCO (?), DESC (A), DYN (B), ENTG (B), FCH (A), GTI (B), HSP (B), IDTI (A), LAMR (?), MTSN (A), MYL (A), NMTI (B), PGN (10:00 am ET), SAPE (A), SLE (?), SINA (A), TMTA (A), LCC (B), DIS (?), WGR (B), WFII (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.