In last week, STI merely lost 8 points from the opening of 3225 and close lower at 3217. A black candle sticks with long lower shadow indicates the weakness of the rally.

Key Economics Data report:

Dozens of corporate earnings reports are expected in the week ahead, including J.P. Morgan, Citigroup, General Electric and Intel. The attitude of companies seems to be important in this quarter, and their assessment of future business prospects could provide more information on the global economy this year.

Economic data in the coming week includes first looks at January activity — in the Empire State survey Tuesday and the Philadelphia Fed survey Thursday. There are also inflation data, with PPI Tuesday and CPI Wednesday. Retail sales will also be important, with the December report released Tuesday.

China also has some important data releases. On Friday, it releases GDP, retail sales and industrial ...