If you take a look at the SPY chart above, you'll notice that the market for the past two day tried to make a high for the year, only to get smacked right back down. Today, the market actually dumped out near the end of the day to an upper resistance band of 110.4.
With the jobs report due out tomorrow, if we experience a gap down, I don't think we will break below 109 unless we somehow get really ugly jobs numbers. Anyways if we do gap down, that will probably mark the lows of the days, because whatever crappy job numbers, I think it was likely already baked into today's price action near the end of the day.
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