The last week of holiday trading finished with mild losses on light volume.
The Dow is trading within a narrow range between 12,875 and 13,335. Whichever breaks first will set the tone for the rest of the year.
The Russell 2000 had little so show for the week, gaining just a couple of points. It has the most work to do if sitting on the bull side of the fence.
The Nasdaq is poised at resistance with closest weekly support almost 200 points below.
Unlike some previous trading weeks, breadth was little changed. It may reflect a swing top for the indices.