It seems like we have been describing a sideways, consolidating market trend for too long; it's getting old. SPX dipped down to test the 50 dma, but bounced back to close nearly unchanged at $2110, down $2 on the day. RUT gained a couple of dollars to close at $1252. Volatility rose slightly with the VIX increasing three tenths of a point to 14.3%. Trading volume fell off with 1.9 billion shares of the S&P 500 stocks trading. Trading volume rose 4% on the NYSE but dropped 10% on NASDAQ.

Today was a light day for economic data. But the one report brought more bad news. Factory orders for April decreased 0.4%, down from the positive 2.2% growth in March. My unofficial, subjective assessment of the financial news and commentary is that it has been gradually but steadily growing more negative. I think that negative growth first quarter GDP number made an impression.

Tomorrow brings the ADP private payrolls number and the Fed's Beige Book. That will increase the chatter leading up to Friday's jobs report.