We are likely to see a record today for the lowest trading volume day of the year. Although we have a fair amount of U.S. data today with Income, Chicago PMI and University of Michigan confidence, next week payrolls will be the major focus. Short-term traders are likely to take positions off the table in front of the long-weekend partly because of the uncertainty of potential Syrian conflict.
The Delta Market Sentiment Indicator (MSI) is 53.9%. An indicator level near 50% provides a tight stop-loss. MSI readings below 50% are considered bearish and trigger a 100% transition out of equities.