U.S. stocks are expected to open lower, pulled down by losses in overseas markets amid an ongoing crisis in the banking sector and awful corporate profit readings. Even after an extended holiday weekend, trading could be light and choppy at times today with the nation’s attention on the inauguration ceremonies for Barack Obama. The Dow is expected to open about 90 points lower, while the Russell 2000 (NYSE:IWM) is seen down 1.1% near 461.00.

Bank stocks continue to struggle around the world with the Royal Bank of Scotland posting the largest quarterly loss in UK corporate history, which sparked a second bank rescue plan to be mobilized by the UK government. The rout looks to extend here today, with Bank of America Corp. (NYSE:BAC) down 12% in pre-market trading, while Wells Fargo & Co. (NYSE:WFC) was off 9%, JP Morgan Chase and Co. (NYSE:JPM) was down 5% as was Citigroup Inc. (NYSE:C).

So far this earnings season, things here in the U.S. have not gone well either; key earnings slated for later today include Johnson and Johnson (NYSE:JNJ) and International Business Machines Corp. (NYSE:IBM).

Crude oil prices were taking a hit in London trading overnight on news that a deal has been brokered to resume gas supplies from Russia into the Ukraine and the rest of Europe. In addition, the U.S. dollar was up about 1.2% against the euro, which could weigh on a host of commodity markets.

The chart picture rolled over early last week, but left some mildly positive short-term patterns in play with the recovery move Friday. However, a slide today below 453 would clip upside promise from those formations, so price action today – especially with an opening slide forecast – starts to gather importance from a charting perspective. Look for support around 453.50, then very little down to the 440 zone. On the upside, resistance is at 467, then 473 and 481.

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