"January's jobs report out Friday from the Labor Department will show whether last months 292,000 hires represented a clear signal or seasonal noise about the state of the job market," said Anna Louie Sussman.

From the data above, it's clear that American consumers need to improve on their spending spree as income improves.

"The Institute for Supply Management releases its January manufacturing index, a gauge of U.S. factory activity, on Monday. Look for whether the index will climb back into expansionary territory after spending two consecutive months in contraction, the first time thats happened since 2009. A strong dollar and tanking commodity prices have slammed the market for manufactured goods, especially mining equipment. The Markit manufacturing purchasing managers index also comes out Monday morning," writes Sussman.

The manufacturing sector isn't improving but the service sector is erratically expanding.  Should China pursue with imposing sanctions on American companies there, we could expect the manufacturing industry to rise when companies go home.

"Exports dropped by 4.6% in the first 11 months of 2015, helping widen the U.S. trade deficit by 5.5% from the previous November. Friday, the Commerce Department releases December figures, offering a snapshot of how the strong dollar and cheap oil prices have affected imports and exports," Sussman added.