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The S&P 500 Index had a positive session on Monday, but gave back almost all of the gains in order to form a nasty looking shooting star. This candle does not do much to instill confidence in this index, and as such we are staying on the sidelines.
More than likely, the market is focusing on the Friday nonfarm payroll number out of the United States more than anything else. Because of this, this market could struggle to gain any real traction in either direction between now and then. With that in mind, we simply think that the S&P won't be worth bothering with over the next couple of days. Obviously, if we see some type of setup between now and then, we will be more than happy to bring it to you but understand that more than likely the next couple of days will be choppy at best.