Traders will be digesting the employment reports that will be announced before the open.

The market needs to show follow-through in order to confirm the positive start to the new year.

Now that stocks have confirmed last week's strength, Deron Wagner is positioned only on the long side of the market.

Deron Wagner thinks it's unwise to aggressively start entering a plethora of new long positions within the next several days unless he sees the swift return of institutional buying to support the recent breakout in the broad market.

Next week, mutual funds, hedge funds, and other institutions should begin returning to the markets, and traders will quickly find out whether or not the extremely light volume holiday gains are sustainable in the short term.

Volume has been light this week and has a good chance of declining even further today. Any recent moves in either direction could be easily undone when institutions begin returning to the markets next week.

The S&P 500 is poised to enter 2010 at two pivotal resistance levels.

With trading expected to remain light for the next week, we probably won't see the real intentions of mutual funds, hedge funds, and other institutions until after the new year.

The stock market's open until 1:00 p.m. ET today, but turnover will likely be proportionately the lightest volume day of the year.

Although the weekly chart shows GLD approaching support of its 13-month uptrend line, the pattern of the weekly bars has not yet given any indication of even a short-term bottom.