The bulls have been struggling with this rally throughout January, but stronger tests of weekly resistance at prior highs will make it even more difficult to continue without a stronger pullback and break of that 60-minute uptrend channel this week. The market has had some decent news in recent months, but it hasn't been enough to alleviate overall anxiety, particularly when it comes to the larger global picture.
Earnings season is well under way at this point, but this week also brings in another area piece of news to watch. Today is day one of a two-day FOMC meeting. For the first time ever, the Federal Reserve will include an outlook on interest rates in its policy announcement, which is due out Wednesday afternoon.
S&P 500 (Figure 2)