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Traders will watch market action carefully on Tuesday to see if stocks can demonstrate a successful retest of the lows ahead of what some expect to be a lackluster earnings season.

Analysts said Monday's trade was mostly a continuation of Friday's technical intraday upward reversal after an initial plunge on the weaker-than-expected jobs report.

"The fact that the market already had a severe correction heading into those numbers, maybe a lot of the bad news was already priced in," said Anthony Valeri, investment strategist at LPL Financial.