Good morning! The trading week got off to a very slow start on Monday. After hitting strong daily resistance in the Dow Jones Ind. Ave. from prior highs, the market began to correct. So far it has done so with a trading range for the most part with only a slight pullback in price. The action on Monday was some of the slowest and highest risk trading that we've seen in quite some time as a result of the very narrow range.

The day began on Monday with a slight downside gap. The selling continued into 10:00 ET when the NASDAQ Comp. hit its 5 minute 200 sma support and the indices overall came into the lower end of the 30 minute trading range. As the support zone hit, the market put in a very slight lower low on the 2 minute charts, creating a 2B reversal pattern that led to a move higher for the next 30 minutes. As the SP500 came back into morning highs and the NASDAQ closed its gap, the rally stalled and began to correct into the late morning.

The correction off resistance, while slower than the rally off lows, was still at a stronger than average pace. This led to the range that would continue into the afternoon. The 12:00 ET reversal period managed to form a bit of a pivot intraday, but the move was rather stunted and we didn't see much for strong patterns throughout the day in the market overall. Upside pace within the range remained stronger than the downside moves, but the bias on the daily charts remained more bearish.

The Dow had the most relative weakness throughout Monday's session with the NASDAQ trying to hold onto its recent gains. Despite the stronger intraday upside pace, the market remains extended on the daily charts. This is going to make a strong upside move more difficult, but I am not going to rule it out since we have yet to see much for decent short patterns begin to form.

With earnings season in full swing, you will want to pay close attention to stocks you are holding overnight. Even if earnings occur in a stock you do not have, but that is in the same sector, you can experience some of the after shocks.

I have not found much for swingtrades that interest me yet this week so I'll be primarily focusing on daytrades at this time. AIRN is starting to catch my eye as a position trade, but I would like a longer base on the weekly charts into that time frame's 20 sma before putting too much thought into it.

Economic Reports and Events
July 19: Building Permits for Jun (8:30 am), Housing Starts for Jun (8:30 am)
July 20: -
July 21: Initial Claims 07/16 (8:30 am), Leading Indicators for Jun (10:00 am), Philadelphia Fed for July (12:00 am), FOMC Minutes (2:00 pm)
July 22: -
July 25: Existing Home Sales for Jun (10:00 am)
July 26: Consumer Confidence for July (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 stocks' earnings dates 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
July 19: ADTN (B), ASD (B), AMGN (?), ASO (?), BSX (B), CDWC (?), CHKP (B), F (?), FCX (B), FSL (A), GILD (?), HCBK (?), INTC (A), JNJ (B), JNPR (a), KEY (B), KFT (A), LU (B), MEL (?), MOT (A), BTU (B), PNC (A), RSH (?), STX (A), SOV (A), STT (B), SYK (A), STI (B), TER (A), CAKE (A), SSP (B), TZOO (B), GRA (A), WB (B), WFC (B), YHOO (?)
July 20:ACXM (A), EYE (B), ALGN (B), ADS (?), MO (B), ABK (B), DOX (?), AMR (B), T (A), COF (A), CIT (B), CMA (B), CAL (?), DCN (?), ET (A), EK (?), EBAY (A), FFIV (A), GD (B), GM (08:00 am ET), GNTX (?), GDW (B), HON (B), HMT (B), HBAN (B), RX (B), JPM (B), LRCX (?), MACR (A), NYB (B), NTRS (?), OI (A), PMTC (B), PFE (B), PLCM (A), QLGC (A), QCOM (?), RDN (a), RYL (A), STJ (B), SVU (B), SNV (?), TASR (B), TCB (?), ALL (A), BK (B), TSCO (?), UIS (B), UTX (B), VRSN (4:15 pm ET), WHI (?), WM (A), WYE (07:00 am ET), ZHNE (A)
July 21: AFFX (?), AWA (?), ABC (B), AH (A), BAX (B), BRCM (A), CAT (B), CLS (a), CX (B), CPWR (A), CAM (B), CY (B), DHI (B), DHR (B), DAL (?), DOV (A), DJ (B), LLY (B), EMC (B), ENDP (B), FISV (A), FLIR (B), FDRY (A), GNSS (A), GOOG (?), GDT (?), HLIT (A), HTCH (A), HYSL (A), ITW (B), INFA (A), IR (B), IGT (B), ISIL (A), XXIA (a), JBLU (B), JCI (B), LVLT (?), MCD (B), MEDI (?), MRK (B), MSFT (A), NXTL (B), NOK (?), NCX (B), NUE (?), ODP (B), PKTR (A), PMCS (?), PVN (A), RBK (B), RHI (A), ROH (B), RSAS (A), SNDK (?), SAP (B), SBC (08:00 am ET), SGP (B), SFA (A), SHW (B), SIMG (B), SWKS (A), SLM (B), SDS (A), SY (B), ERICY (01:30 am ET), TPX 8A), TXT (B), KO (B), NYT (B), TMA (A), TQNT (?), UCBH (?), UNP (?), UPS (B), VIGN (07:30 am ET), VTSS (A), WY (B), WHR (06:00 am ET), XLNX (?), ZION (A)
July 22: BDX (B), CMI (B), EXC (B), FO (B), FPL (B), HAL (B), KMB (?), MYG (B), OXY (?), SLB (B), SLAB (B)
July 25: ACE (A), ALTR (4:15 pm ET), APCC (A), ACI (B), ASH (B), AV (A), AVP (?), BLS (08:00 am ET), CD (A), CNET (A), DST (A), ECL (B), LNCR (?), MVK (A), NFLX (A), OMM (A), ONNN (A), PBI (4:00 pm ET), PCL (?), PLAY (A), DGX (B), SII (B), TXN (A), TRI (B), VRSO (A), XRX (B), AFL (A), AGR (?), AAI (B), AKS (B), AKAM (A), AW (A), AMZN (A), ATML (A), ADP (B), BIIB (A), BSTE (A), BJS (B), BDK (B), BYD (?), BP (02:00 am ET), BNI (B), CTX (A), CME (B), CB (A), CTXS (A), GLW (A), CFC (?), DD (B), ELNK (B), ERTS (A), ESV (?), FLEX (A), HMA (B), IMCL (?), N (B), INSP (a), ISSI (?), IP (B), LLL (B), LAB (B), LCAV (B), LXK (B), LLTC (?), LMT (B), MHS (B), MCHP (A), NWAC (B), PKI (A), PNM 8A), PPP (?), RFMD (A), SWY (?), SANM (A), SEBL (A), SGTL (A), SSTI (A), SSCC (B), SO (B), SWN (A), HOT (B), STM (A), STK (?), SUNW (?), TMX (A), MHP (B), TMO (A), TDW (B), TSM (08:00 am ET), X (?), VLO (?), WOOF (A), VZ (B), WAT (B), ZRAN (?)

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.