The key macroeconomic data scheduled for the week support stock prices going to new highs, just as earnings season gets underway.

Earnings appear to have improved enough to avoid an earnings recession, but investors seem prepared for such news.

Sentiment might be giving a mixed signal, but the fundamentals have shown signs of a bottom, which should carry through to an upside surprise in payrolls.

The yield curve isn't exactly bearish - yet - and the technicals still point higher, but that 2,810 line for the S&P 500 is what really matters right now.

As the S&P 500 pushes through a key resistance line, sentiment and fundamentals have moved in opposite directions.

A lot of key economic data to be released this week could fill in some gaps, but the underlying technicals continue to point higher even as the market pulls back from resistance.

The employment data probably needs to work off some noise, but it is the initial jobless claims that need to be watched as the S&P 500 revisits the 2,810 area. If the Consumer Discretionary earnings are an indication though, the S&P 500 will soon push through.

There has been little change over the past week with economic data still trending lower, but with the technicals and now the sector rotation pointing to higher prices ahead even as resistance nears.

Industrial Production last week matched the weakness in other economic data and now the last holdout of strength is the delayed Durable Goods data to be released this week and next.

Most of the key economic data continues pointing lower, but Industrial Production is not among them and may even slightly surprise to the upside.