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May 22, 2013  Wed 1:47 AM CT

XLF: SEE CHART GET CHAIN FIND STRATEGIES
Today's main event is Ben Bernanke's visit to Capitol Hill.

Traders are likely to monitor the Federal Reserve chairman's comments carefully for clues on a potential reduction in monetary stimulus. His appearance begins at 10 a.m. ET.

There are other headlines in the session. The Mortgage Bankers Association reports weekly home-loan applications at 7 a.m. ET, followed three hours later by existing home sales for April.

Weekly crude-oil inventories come out at 10:30 a.m. ET, and the Fed will release minutes from its last meeting at 2 p.m. ET.

The overnight session will also be busy, with manufacturing data expected from China, Germany, France, and the Eurozone before trading resumes in the United States Thursday morning.
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Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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