After a presenting a massive stimulus package, the futures markets, along with global equity markets turned higher. The Nasdaq halted briefly to the upside. Currently the S&P 500 is up 50 points, the Nasdaq is up 256 points, Dow futures are up 505 points and the Russell is up 33 points. This could be potentially short lived as corporate earnings and economic data come rolling in. Many companies have already thrown out their full year outlooks.

On the calendar: Existing home sales at 10pm.

Stocks to watch: NKE, CRWD, F, WMT

A look at the chart: The NQ has broken and held the 20 day sma on the 4 hr chart. If this holds we could see upward levels of 7720, 7800, 7975. Downside targets, 7380, 7280 and 7228.