Dow on the Verge of Turning Negative; S&P Back Below 1,250

Friday's trading session has the potential to turn into a dud. A strong nonfarm payrolls number this morning pushed the blue-chip average up more than one hundred points in early trading, but those gains have all but evaporated. The Dow is up just 17 points with around two and a half hours left in the trading week. A battle is also likely to take place in the final hours around the 1,250 line in the S&P 500. This was a very strong support level in the S&P for much of 2011, and has turned into resistance since it was first broken in August. The S&P has made it above this level on a number of occasions in the last couple of months, but it has been short lived. Currently, the S&P has broken back below this level on the day and is trading at 1,249.