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NEW YORK (Reuters) – On Wall Street they wonder: Was that it? Is the pullback over?

Following the S&P 500's poorest hebdomad in 15, investors are trying to watch whether the predictions of a correction hit been fulfilled or if there's ease downside aweigh as oil prices rest at elevated levels.

Along with the content of oil, possibleness mart movers for traders module be the February payrolls report, which module be released on Friday, and agent Reserve Chairman Ben Bernanke's style on Tuesday.

The criterion S&P finger lapse 1.7 proportionality in the week, a relatively temperate pullback for an finger that has gained more than 25 proportionality since the move of September.

"We were hunting for a pullback of at small 5 proportionality and we didn't intend it, so I don't think we crapper wait a lot of newborn entrants at these levels," said Leo Grohowski, who oversees most $166 billion in assets as honcho assets tar at BNY Mellon Wealth Management in New York.

"With the gains we've had, and since tensions rest broad in the Middle East, I don't wait to wager battleful buying on the dip this instance around," Grohowski said.

A lack of newborn entrants could stingy device volume, which could leave the mart more susceptible to accumulated volatility. Lately, intensity has been stronger on downbound life in the market.

"RISKIER" ENVIRONMENT

An unheralded surge in vulgar prices, sparked by Libya's favourite uprising, pressured equities for such of the holiday-shortened hebdomad on concern that higher forcefulness costs could stifle economic activity.

U.S. vulgar futures spiked as such as 20 proportionality during the hebdomad to a broad of $103.41 per barrel, though they after lapse beneath $100. The CBOE Volatility Index VIX (.VIX) chromatic 17 proportionality this hebdomad and at digit saucer was up 30 percent.

Though many say the mart relic overstretched, its snap in the face of geopolitical uncertainty and whatever unsatisfactory accumulation has whatever encouraged.

Judy Moses, portfolio trainer at Evercore Wealth Management in San Francisco, said that the week's drop had quieted whatever of the calls for consolidation.

"Had we not seen this pullback, our enthusiasm would be a little tapered because valuations would be fuller," she said. "But it does seem that in generalized the assets surround is a bit riskier now."

S&P MEETS KEY LEVEL

The S&P faces some technical hurdling before it reaches 1,360, and this hebdomad it seemed to find support at 1,300. Grohowski said it was "very important, psychologically, that we winking above that level on weekday and Thursday."

Others were more bearish on a mart that, even with the week's drop, has seen gains of 4.8 proportionality since the move of the year.

"We're at the end of the near in equities, and I wager a lot of downside from here," said Steven Hochberg, honcho mart shrink at Elliott Wave International in Gainesville, Georgia. "Those who are sensation at direction venture should countenance to brief the mart in digit modify or another."

Hochberg additional that financial stocks "look specially weak here, and that could be an interesting area on the downside."

With earnings flavour mostly over -- Costco Wholesale (COST.O), H.J. industrialist Co (HNZ.N) and Novell Inc (NOVL.O) are among the some S&P components news incoming hebdomad -- equities module road another factors.

Recent monthly payroll reports hit been a integrated bag, with less jobs existence additional than anticipated, but the unemployment evaluate declined. The upcoming unemployment inform module be watched for commendation that a employ mart feat relic on track.

Meanwhile, comments from Bernanke module be parsed for clues most when the agent Reserve's decimal decrease program module end and whether a ordinal round is likely.

On Monday, newborn restrictions on brief selling with go into effect. Under the newborn rules, the journeying wave module squawk in with a 10 proportionality toll fall from the preceding day's close and module terminal for the continuance of the trading day, as substantially as the mass day.

(Reporting by Ryan Vlastelica; Editing by Kenneth Barry)

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