Traders continue to tread water with an eye toward Friday's jobs report. SPX closed down $9 at $2099, and RUT traded down $4 to $1231. SPX opened lower this morning and traded down to $2088 before bouncing around 11 am ET, and then traded sideways the rest of the day. Both today and yesterday's intraday lows strengthen the support level of $2090 on SPX. Also note the long lower shadows on yesterday and today's candlesticks - another indication that the bulls remain in control.

Traders were concerned about the market's reaction to the Beige Book (FOMC minutes from the last meeting). As it turned out, there was no reaction whatsoever. Trading volume continued to be flat with two billion shares of the S&P 500 trading. Trading volume on the NYSE rose 3%, but declined 8% on NASDAQ. Volatility rose a bit both yesterday and today, with the VIX closing at 14.3%.

The ISM services index came in at 56.9 for February, about even with last month's 56.7. ADP reported their private payroll number for February at 212 thousand jobs, down from January's 250 thousand. Does that foretell a weak jobs report Friday? Perhaps, but the correlation has been tenuous historically. But it will cause traders to stay on the sidelines until after the jobs report. The only probable activity tomorrow will be to take some vulnerable profits off the table.