The stock market in my opinion made a major top a few weeks ago when the S&P 500 peaked around 950. It has since fallen for three weeks straight in a corrective wave that has caught most people totally off guard. A lot of people feel trapped in the market right now, they don't want to sell because CNBC is telling them that this is a new bull market, but they don't want to lose money like they did last year either.

I think this week some relief is going to come, because earnings season will kick off this Thursday. I explain why in this video.

I think the market is in a correction that is not over yet - but with earnings coming up this week and an oversold price condition on the 60 minute charts I think some sort of rally around the start of earnings season is likely. Normally when the market falls into earnings it rallies when the announcements start.