Bulls push stock indices into weekly resistance


Market Snapshot for January 20, 2011 (6:23 p.m. ET):
Closing Prices: DOW 12,720.48 (+96.50, +0.76%), S&P 500 1,315.38 (+0.88, +0.07%), NASDAQ 2,786.70 (-1.63, -0.06%), Nikkei 225 8,766.36 (+126.68, +1.47%), DAX 6,404.39 (-11.87, -0.19%), FTSE 5,728.55 (-12.60, -0.22%)
OIL 98.33, GOLD 1,664.00, SILVER 31.675
EURO 1.2888, YEN 76.94, BRITISH POUND 1.5564, U.S. DOLLAR INDEX 80.405

Data Revs Up

This week is a busy one for the markets. Earnings season is in full swing and weighing heavily on market action. Earnings from tech giants IBM (IBM), Microsoft (MSFT), and Intel (INTC) were the primary reasons the Dow Jones Ind. Average ($DJI) managed to post a gain of nearly 100 points on Friday. This week's earnings include 11 Dow components. Among them are McDonald's (MCD), Apple (AAPL), DuPont (DD), Chevron (CVX), and Boeing (BA).

In addition to earnings, a number of countries will be announcing their monetary policy positions this week. These include announcements from the Bank of Japan, Reserve Bank of New Zealand, and the Federal Reserve. For the first time ever, the Federal Reserve will include an outlook on interest rates. The Fed meeting will be a two-day event, with its policy announcement due out Wednesday afternoon.

Dow Jones Industrial Average (Figure 1)

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