An article I just published at The Street.com (here) summarizes my current view of the market. In one sentence, I feel the market needs good news this week on two fronts to rebound from recent losses: better than expected earnings and improved employment numbers.
If earnings are near expectations and if the employment numbers are little changed, I expect the market to finish the coming week within a couple of percent of where we are now. If either earnings or employment numbers disappoint, we could go down pretty hard. Read the largely technical analysis supporting my opinion about the direction the market could take based on the news here.