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Watch for confirmation of the blowout jobs report

Against an uncertain geopolitical backdrop, investors are looking at further confirmation of an improving U.S. job market with two data points that come out on Tuesday.

The National Federation of Independent Business releases its Small Business Optimism Index at 9 a.m. on Tuesday.

"Small business should be strong. Hiring should be strong," said Alan Skrainka, chief investment officer, Cornerstone Wealth Management. "Small business makes up 90 percent of all new hiring."

At 10 a.m., the Job Openings and Labor Turnover Survey (JOLTS) is released. The report is favored by Federal Reserve Chair Janet Yellen as painting a more accurate picture of the economy.

Although the report does not show wage growth, Kim Forrest, senior equity analyst at Fort Pitt Capital, said she will compare the data with that of previous months. Fewer new hires could mean increases in salaries for current employees, especially for those in high-skill sectors such as science and computing.

JOLTS should "confirm the current trend," said Jack Ablin, chief investment officer at BMO Private Bank. He noted that the actual data has actually outperformed the survey results for several months.

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"Anecdotally," he said, "business owners all looking to hire are having difficulty finding quality workers."

Friday's strong jobs report showed that the United States created 257,000 jobs in January, beating estimates of about 230,000. More importantly, average hourly earnings grew by 0.5 percent, above estimates.

To be sure, analysts are putting more weight on Thursday's retail sales, which will shed light on the consumer.

U.S. stocks closed down on Monday despite oil settling higher, as concerns about Greece continued to weigh.

Greece's new leftist prime minister, Alexis Tsipras, said on Sunday in his election pledge that he would end the country's "cruel" austerity program and ruled out an extension of the international bailout. Starting Wednesday, Greek banks will not be able to use Greek government bonds as collateral in daily refinancing operations with the European Central Bank.

"This is a day when we're concerned about global macro more than anything else," said Art Hogan, chief market strategist at Wunderlich Securities. "The market is under pressure for various reasons, none of them energy."

He cited continued uncertainty about Greece, the impact of a stronger dollar and concerns about West Coast port congestion as disturbing markets. President Barack Obama's announcement that he will ask Congress for new authority to use force against ISIS surprisingly did not encourage markets, he said.

In other geopolitical news, Obama said on Monday that he wasn't ready to provide defensive arms to Ukraine, reaffirming with German Chancellor Angela Merkel that sanctions on Russia should be maintained.

Randy Frederick, managing director of trading and derivatives at Charles Schwab, was not overly concerned with a U.S. market reaction from potentially renewed tension between Russia and Ukraine.

"Other than the very very first invasion that Russia did that roiled markets, markets haven't had much since then," he said.

On Monday, Dow Jones industrial average fell more than 130 points in early afternoon trade before coming off lows to close down 95 points, or 0.53 percent, at 17,729.21, with Wal-Mart leading decliners. Energy stocks benefited from oil's rise, with Chevron and Caterpillar leading four blue-chip gainers in the close, including Exxon Mobil.

The energy sector was the only sector closing higher on the S&P 500, which ended the day off 8.73 points, or 0.42 percent, at 2,046.74.

Crude oil futures settled up $1.17, or 2.3 percent, at $52.86 a barrel on the New York Mercantile Exchange.

The Nasdaq attempted to hold a rally early in the day but closed down 18.3 points, or 0.39 percent, at 4,726.01, posting losses for the year, as well.

As earnings season continues to wind down, the few big names reporting before the bell on Tuesday include Coca-Cola, CVS Health, UBS and Wyndham Worldwide. The multinationals will likely confirm the negative impact of a stronger dollar.

While inflation may not be keeping up with the Fed's goals, Forrest said the improving employment environment will likely be enough to prompt an interest rate hike soon.

The U.S. 10-year Treasury rose on Monday to 1.96 percent, from lows of below 1.90 percent in the morning.

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In all, Forrest said Tuesday's smattering of jobs data will show whether or not the economy is going fast enough that it doesn't need "training wheels" from the government.