Update

The market has been bouncing lately off strong monthly SPX cash support at 1292.

However, it rarely makes a lasting turn at an important level without at least a minor break. The ES monthly chart for the June contract suggests the market may reach 1270 before a turn.

Also, there is important data coming in on Friday: ISM Manufacturing PMI and Nonfarm Payrolls.

As I mentioned in the past, the economy is slowing down (at least over the short term), so I expect the data to be weaker than expected.

The PMI may have put in a lower high last month ...

... and the private payrolls number is decelerating already.