Friday brings the week's biggest economic report: The monthly jobs report from the government. Employers are expected to have cut 175,000 jobs from their payrolls in September after cutting 216,000 in August.In addition to jobs data, factory orders are reported at 10 a.m. The U.S. stock market started the fourth quarter on a sour note. The S&P 500 fell 2.6% Thursday to 1,030. The Dow Jones Industrial Average fell more than 203 points after a bigger-than-expected rise in weekly jobless claims and a weaker-than-expected reading on manufacturing sparked worries about the pace of the economic recovery.Traders have been closely watching the market's technicals lately, and especially since last Wednesday, when major indices put in an "outside reversal" on the day of the Fed meeting. An outside reversal is when the market sets a new high but closes at the low of the day. Scott Redler, a technical strategist with T3live.com, said Thursday's market showed more signs of technical weakness. A short-term uptrend of 1042 in the S&P was broken, adding pressure to the market. "This is another breach of what the trend has been," he said. He said the outside reversal last week was a sign to take profits.
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