What a crummy performance after yesterday's potent recovery rally.  It's a tense final 30 minutes ahead for the SPX, as all eyes begin to focus on the reaction to tomorrow's Employment Report, which could have a significant impact on near- and intermediate-term price direction.

Incidentally, with 30 minutes remaining in today's session, the NYSE A/D line is negative (1485 vs. 1764), and has been deteriorating all afternoon.  Again, not the kind of upside follow-through we were looking for after yesterday's "bullish" reversal.

Mike Paulenoff is a 25-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his E-mini S&P and QQQQ technical analysis and trading alerts. For more of Mike Paulenoff, sign up for a FREE 30-Day Trial to his E-Mini/Index Futures diary, or try his QQQ Trading Diary.