The biggest data of the week this week comes on Friday with the jobs data, even though the market will not be open on Friday to react immediately.

Toni Hansen writes that the recent rally still makes it possible for the indices to attempt a Cup with Handle pattern on the daily timeframe in the next week or two.

Heading into Thursday, Toni Hansen's bias in the stock market remains more bearish.

The 10-day simple moving average is going to be the initial daily support coming out of the current range.

There is still the risk that the range from the last couple of days holds.

Toni Hansen writes that the stock market now has a lot of resistance on the daily time frame.

The next resistance is just shy of last month's highs and it wouldn't take more than a day or so of strong momentum to get there should this range break higher.

The stock market is likely to remain choppy early this week due to Wednesday's upcoming Fed announcement.

The momentum bias is currently more bullish within the range, but not significantly so.

The support/resistance levels that we've been following over the past couple of days with the 20- and 50-day sma overhead and 200-day sma underneath it remain the strongest levels to watch out for when it comes to corrections on the larger time frames.