CRITICAL WEEK AHEAD AS AVERAGES

RETESTING JANUARY LOWS

Looks like it was inevitiable that the market was going to test those hideous January lows. The S&P 500 is very close to going below its closing low around 1320 or so and its possible we could see that today. Futures are lower this morning. The dow is in the general area as well but i hope we don't need to drop all the way down to 11500 which is the intraday low in order to accomplish a successful retest.

One chart which has decisively broken out is the Natural Gas index (XNG) which went to new highs last week. And it looks to me like this one is going higher.
The index of Oil stocks meanwhile has been struggling here in spite of crude oil going over 100 bucks a barrel. Could the XOI be telling us that Crude oil may be topping out in here?
And of course there is the MLP index which just continues to carve out some sort of base in here as 290 conitinues to provide support. I suppose sideways is better than down but it continues to be frustrating.

No corporate news this morning and no upgrades or downgrades so far so lets get on to the open.