Selloff Ahead of Big Payroll Report

The market sold off hard this morning, and then sort of flatlined for the remainder of the session. Housing stocks and semis were down the most. Retailers were one of the few groups to be mostly higher.

Breadth was negative today, but volume on the exchanges came in slightly below yesterday's levels, so no distribution day was triggered. The SPX held its 1270 level, as well as the 50-day average. But the inability of the indexes to make new highs on this latest rally attempt likely means more consolidation ahead.

Tomorrow morning is the big jobs report, and expectations are for +250,000 jobs. I expect the markets to be fairly volatile around the open, so you know.

Have a great night.