NEW YORK (TheStreet) --The S&P 500 has closed lower for seven consecutive days and could reach its eighth straight day of losses if the index closes in the red today.

"Breadth is terrible; it's all about the jobs number tomorrow and the election. It is really election-driven right now. So in the near term, until next Tuesday, we're in a market that could go either direction. Rallies will not be long-lived, they'll be sold, and any pullback will probably be relatively shallow," Cowen managing director David Seaburg said during this afternoon's "Power Lunch" on CNBC

Longer-term, however, concerns shift to the uncertainty encompassing central bank policy.

"You're looking at global yields, sovereign yields moving higher. That is going to put a cap on valuations in the equity markets," Seaburg added.

While the short-term headwinds for the S&P 500 revolve around the U.S. Presidential election, the longer-term uncertainties are more about yields and earnings.

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