The Dow Jones Industrial Average, NASDAQ 100 and S&P 100 moved lower for the week.

The daily Squeezeometer signals for the S&P 100 and the NASDAQ 100 remained sell/sell short. The weekly Squeezeometer signals for both the S&P 100 and the NASDAQ 100 remained at hold/speculative sell. Monthly Squeezeometer signals remained at rally status for both the S&P 100 and NASDAQ 100.

The 14-day choppiness index for the NASDAQ moved from 44 to 41, while the S&P 100 moved from 41 to 36. This index ranges from 0 to 100, and the lower it goes the more a trend is evolving. The higher the choppiness index moves, the more a new trend may be starting. Usually, above 65 is where new trends begin and below 40 is where they end.

The NASDAQ 100 and the S&P 100 indices moved below their weekly DMA Channels. We note our Erlanger Big Barf Indicator (EBB) on a daily basis moved from -12.68 to -14.45. The weekly EBB remains below 0 while the monthly EBB remains above 0.

The top five areas facing the market in this trading week are:

1. Geopolitical Events. Federal Reserve Chairman Bernanke will testify on Wednesday. Also, Federal Reserve Governor Tarullo will speak on Wednesday.

2. Economic Releases. Releases of note this week other than the weekly oil/gas numbers and jobless claims include retail sales and University of Michigan Sentiment Survey.

3. Earnings Releases. Fourth Quarter Earnings season kicks off this week. Notable releases (in order of day’s reporting with Monday first) – CVS LO KO DIS PRU ALL TOT PEP DUK IR. See the earnings section.

4. Conferences. BB&T Capital Markets Transportation Services Conference, Cowen & Company Aerospace & Defense Conference, Credit Suisse Financial Services Conference, Deutsche Bank Securities Small & Mid Cap Conference, Goldman Sachs Agricultural Biotech Forum, Thomas Weisel Technology & Telecom Conference and the UBS Global Health care Services Conference.

5. Company, Analyst and Regulatory Meetings. To view our Type 1 Short Squeezes and Type 4 Long Squeezes that present at meetings this week, simply review each day.

We delve into the numbers to gain a greater understanding of the implication of those Januarys when the market declines.