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• The S&P 500 has been very quiet in premarket trading as we are in a region that I think is going to end up being sideways action in general.
• This does make a certain amount of sense, considering that the market has been in a very strong uptrend for quite some time, and of course we have major news coming out on Friday in the form of the Non-Foreign Payroll announcement in the United States.

Technical Analysis

The technical analysis for the S&P 500 is still bullish, but that doesn't necessarily mean that we go straight up in the air from here. Quite frankly, it would not surprise me at all to see a little bit of a pullback in order to find buyers underneath looking for value. Ultimately, this is a market that remains very bullish over the longer term, and each and every short-term pullback will more likely than not attract a certain amount of attention.

There are some signs of support near the 6600 level, and then again at the uptrend line which is the bottom of the channel that we have been on. Further backing up the uptrend line is the 50 Day EMA, which makes it even more important for support. At this point, it is likely that we will continue to see“buy on the dips” attitude out there, but we might be quiet between now and Friday. After all, there are a lot of questions about what the Fed might do in reaction to these numbers as the interest rate decisions going forward aren't as clear as they once were.

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Adding more stagnation to the market is the fact that the US government could shut down, if a spending bill isn't signed soon. It looks like that is the most likely scenario at the moment, and Wall Street could react to it, albeit temporarily.

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