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February 26, 2014  Wed 2:45 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
New-home sales are today's main calendar event, but several retailers will report quarterly numbers as well.

Economists expect an annualized reading of 400,000 for January, down from 414,000 in the previous month. The Commerce Department will release the numbers at 10 a.m. ET.

Weekly mortgage purchase applications come out earlier in the session, at 7 a.m. ET. There are no estimates for that report, as it isn't tracked by forecasters.

There are also several earning reports from retailers: Abercrombie & Fitch, Dollar Tree, Barnes & Noble, Lowe's, Target, and TJX before the opening bell, followed by L Brands and J.C. Penney in the afternoon. Autodesk, Baidu, Transocean, and TiVo also announce after the close.
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Timing the Trade

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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