The S&P 500 broke below 2,100 after the jobs report, setting up for this week's decline. Bittles says he's watching the 2,070 level next.
Ahead of consensus expectations for a rate hike in September—the first in nine years, the summer months could see more market volatility. Seasonally, the summer can also be weak, and many traders point to the Wall Street adage—"sell in May, buy in November"—as a reason to expect a pull back.
The Fed has been warning of market turbulence once it does begin to raise rates. Fed Chair Janet Yellen warned of it when she said in late May the Fed is likely to raise rates this year, and New York Fed President William Dudley repeated the comments Friday.
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Many also say the six-years-and-counting bull run in stocks is historically due for a correction.
For Dow Theorists
who gauge market health by the Dow transports, Monday's 2 percent selloff in the transportation index adds fuel to suspicion of breakdown in fundamentals.
The transports' sluggish performance reversed slightly last week when the index posted its first positive week in four. But the Dow Jones industrial average joined it in negative territory for the year on Monday, albeit the blue chips were off 0.3 percent for 2015 versus the transports' 8.8 percent year-to-date decline.