With markets slightly higher in early Friday trading, Charles Schwab's Joe Mazzola asks the question: "Are we able to hold these gains into the end of the day?" He says staying above $6800 is important for the S&P 500 (SPX). On the busier economic data day, Joe points to GDP expectations getting halved as well as the latest personal income numbers. Joe believes market breadth overall is starting to fade a bit, with software "carrying the mantle" in recent trading as it rebounds from earlier selling pressures. He is watching implied volatility versus realized volatility and the "churn" taking place underneath the latest market moves.

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