Equity markets had another tough week and ended the period sourly. The S&P 500 traded in a tight range for the week, but the more telling indication is that resistance persists at the 4,150 level. This level has marked the top for stocks for over a year and is likely to continue to do so. Among other reasons, the yield on Federal debt is paying more than the S&P 500 with less risk and is attracting safe-haven and risk-averse investment dollars.

This week will be another hurdle with economic data and earnings on deck. The data includes retail sales and the Index of Leading Indicators, which are expected to be negative for the 16th consecutive month. On the earnings front, reports from major retailers like Walmart, Home Depot, and Target will tell the tale of the consumer.