NEW YORK ( TheStreet): On Wednesday we learn about the demand for soft drinks, chips & dip and the status of the use of credit cards. On Thursday the focus is Internet advertising, property and casualty insurance, another read on investment banking, the demand for windows software and the FIOS Internet Platform. On Friday it's the demand for a Big Mac and diversified industrial goods and services. On Monday I profiled the stocks that report their earnings in Handicapping Tuesday's Earnings Reports. Tuesday's report covers the key earnings for the remainder of the week. The main focus is to determine whether or not corporate America is performing well enough to beat earnings-per-share estimates and beat on the revenue line, and do so without the need to lower forward guidance. On Monday I showed the deterioration of the technicals for Dow Jones Industrial Average, so today I will present the technicals for the S&P 500. The weekly chart for the S&P 500 ended last week below its five-week modified moving average at 1432.0. Weekly momentum remains overbought so the weekly chart profile is neutral. If the S&P 500 continues to slide the weekly chart will become negative in a week or two. The 200-week simple moving average is at major support at 1170.6, last tested between August and October last year. Chart Courtesy of Thomson/Reuters The daily chart for the S&P 500 shows a double top versus the highs at 1474.51 on Sept. 14 and 1470.96 on Oct. 5. SPX is below its 21-day simple moving average at 1448.4 and tested its 50-day at 1429.2 on both Friday and Monday. If we have a daily close below the 50-day the risk is to the 200-day at 1370.3. Strength into Oct. 5 was a failed test of my monthly pivot at 1468.0. My annual pivot lags at 1363.2 with this week's risky level at 1457.5. My quarterly and annual risky levels at 1513.3 and 1562.9 are below the October 2007 high at 1576.09. This morning, www.ValuEngine.com shows that 57.2% of all stocks are undervalued with 42.8% overvalued. We show 11 of 16 sectors are overvalued. The six most overvalued sectors are; medical by 14.3%, construction by 13.3%, retail-wholesale by 11.8%, consumer staples by 11.7%, finance by 11.4%, and utilities by 10.7%.