Solid jobs report means more downward pressure on stocks -CIO

STORY: The Labor Department's closely watched employment report on Friday showed nonfarm payrolls rose by 390,000 jobs last month and wages grew, while the unemployment rate held steady at 3.6% - all signs of a tight labor market. Economists polled by Reuters had forecast nonfarm payrolls to rise by 325,000 jobs.

"Right now, I don't feel like there is upside momentum," said Nicholson, referring to the S&P 500 index. "I think that we have the potential to be in the range of 3,800 to 4,200 for the next couple of months."

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