Jobs Report Woes to Linger in Coming Week

ING's Cote noted regarding Europe that, "What the global markets want to see is Europe getting its act in order and everyone marching in the same tune. That includes Greece. Greece has to march in line and do austerity."

On the economic front, the factory orders report is scheduled for Monday. March's factory orders fell 1.9%; Briefing.com anticipates that in April that orders will fall 0.3%.

Weekly initial jobless claims arrive on Thursday, and the current consensus is at 375,000, which would be a decline from 383,000 this past week. Also of note will be the Fed's Beige Book release on Wednesday.

In corporate news, Pep Boys (PBY) is scheduled to report first-quarter earnings on Wednesday. Analysts, on average, anticipate earnings of 14 cents a share on revenue of $538.4 million.

The auto parts retailer was in the headlines this week following the termination of a merger agreement with buyout firm Gores Group.

Also reporting quarterly results next week are Diamond Foods (DMND) and Lululemon (LULU).

On average, analysts anticipate Diamond Foods to post earnings of 64 cents a share on revenue of $271.04 million.

This is the company's first earnings report since its internal audit committee found in February that financial statements for fiscal years 2010 and 2011 need to be restated.

Analysts expect Lululemon to deliver first-quarter earnings of 30 cents a share on revenue of $270.57 million.

With reporting season essentially over though, Feir of Conifer Securities expects larger macro issues and speculation about Europe's fate to weigh more heavily than they otherwise would.

"When earnings are coming out, then you have something to look at or have something to look forward to," Feir said. "When earnings are over, you run into a rumor-driven, European-driven market. With Greece in a quiet period before their election, there will be more rumors about who's winning the election."

As far as technical levels to watch, Feir said he is keeping a close eye on the S&P 500 and whether it reaches 1280 and 1250 -- 1280 being the low in October 2011 and 1250 being the bottom in June 2011.

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