Another Moody Monday

Including today, we haven't had a positive day for the market (as represented by the S&P 500) on a Monday since October 29th. Indeed, we've just seen five straight negative Monday sessions!

Historically, this isn't all that unusual of a pattern. Between 1952 and 1989, Monday was the worst trading day of the week and rose just 44% of the time while other trading days - Tuesday through Friday - closed higher 55% of the time. Very recently, one of the best days of the week has been Tuesday (especially following a negative Monday) and we'll see if the same pattern continues tomorrow.

Technically, 1470ish is the area that the bulls are trying to hold and it would be a major accomplishment if they're able to sustain this level throughout the week leading up to Friday's jobs report. In the short-term, I think we should be prepared for a pullback to 1425 to 1450 area at a minimum and then plan to be held hostage to the jobs data and then the Fed. It would also be helpful to get some positive headlines for a change which were few and far between today.