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December 24, 2012  Mon 1:16 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
No major economic reports are scheduled during today's trading session, which will end early at 1 p.m. ET. Data will pick up when the market resumes regular hours after Christmas Day.

The weekly MBA mortgage-purchase applications will be released on Wednesday at 7 a.m. ET. Economists do not provide estimates for this report.

The ICSC-Goldman Store Sales report will be announced at 7:45 a.m. ET, followed by the weekly Redbook retail sales release at 8:55 a.m. ET. These numbers may take on more importance than usual because of last-minute holiday shopping.

The Case-Shiller housing index will come out at 9 a.m. ET. No forecasts are available for this release either, but the last report shows an increase of 3 percent in home prices.

The Richmond Fed Manufacturing Index is scheduled for 10 a.m. ET.

Thursday will see data on jobless claims, new home sales, consumer confidence, and natural-gas inventories. Friday's reports include pending home sales, oil supplies, and the Chicago Purchasing Managers Index.
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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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