With both the pace of economic growth and the Federal Reserve's next move up in the air, traders say that this week's trading will be dominated by the expectations around, and the reaction to, Friday's employment report.
"It's definitely going to be the jobs report that I'm keeping my eye on, and it's too bad we have to wait till Friday, because I think it's going to make for a very choppy week of trading coming up," said Anthony Grisanti of GRZ Energy. "I think that a lot of traders are just going to focus on that, so you'll see volumes very low."
The jobs report is doubly important, because it will not just give investors an estimate of how many jobs were created in October—it will also help determine the Federal Reserve's next move.
In its Wednesday statement, the Federal Open Market Committee said that it would maintain its $85 billion monthly asset-purchasing program, but noted: "The Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program. ... However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases."
(Read more: The market is getting the Fed all wrong: Nomura)
Economists expect to see 125,000 jobs added according to the nonfarm payrolls metric, which would be the second-lowest number of jobs added of 2013. But as the FOMC indicated, if employment growth suddenly gets much stronger, then the Fed is likely to taper sooner rather than later, which could be very damaging for the market.