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January 25, 2013  Fri 1:16 AM CT

XHB: SEE CHART GET CHAIN FIND STRATEGIES
New home sales for December are the key event on today's economic calendar.

The Commerce Department will release the data at 10 a.m. ET. Economists anticipate a reading of 385,000, up from 377,000 one month earlier. The monthly figures are annualized.

Earlier in the morning, Germany's Ifo Institute will release its index of economic sentiment. The report could affect sentiment toward equities and commodities.

The pre-market session will also see earnings reports from Procter & Gamble, Honeywell, and Halliburton.
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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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