Expect wild gyrations and erratic price action in the broad market to result from any major earnings surprises.

The Nasdaq Composite can retrace more and still hold above its prior high. Though the index flashed two days of institutional selling last week, actual price action remains solid.

As long as the major indices hold above their October 3 lows, the lengthy hourly uptrend lines could continue to provide support for another leg higher.

If both the Nasdaq and Dow simultaneously fail their recent breakouts and form "double tops," the reward/risk ratio would no longer favor the long side of the market.

Intel is about ready to break out of a "cup and handle" pattern. If it does, the breakout will lead to a new 52-week high.

Deron Wagner cautions that part of the job of a professional trader is knowing when to do nothing. It is his opinion that now is one such time.

An occasional "distribution day" within the context of an uptrending market is normal and can usually be absorbed by demand. Deron Wagner warns to be on the lookout for any more days of higher volume losses in the coming week. Such action could serve as a warning sign of an imminent correction.

If the Market Vectors Gold Miners (GDX) moves above yesterday's high, Deron Wagner expects a resumption of the primary uptrend.

Trying to guess where the market will form a short-term top is dangerous, but waiting for some type of confirmation of a trend reversal is not. A breakdown below yesterday's lows in any of the major indexes would provide us with exactly that.

Over the past five days, the main stock market indexes have been in a relatively tight, sideways range, but substantial "behind the scenes" moves have been taking place within specific industry sectors. This is primarily because mutual funds, pension funds, and other institutions have bylaws that require most of their assets to be invested in the stock market at all times.