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Squawkbox market analysis with Mike Tarsala/Rachna Patel from Thomson Financial Transcript: Welcome to this week's Thomson Squawk Box Market Minute. I'm Rachna Patel. Stock market futures are reflecting the stalemate between bulls and bears ahead of the jobs report on Friday. But if we get the positive yet not too postiive jobs number that Wall Street is looking for, sentiment indicators and the number of overall stock setups and breakouts suggest the market is set up for the start of a Santa Claus rally in December. We now see a total of 10 out of a total of 39 sectors in uptrends. As of yesterday's close, medical, energy, oil and gas equipment, and oil-gas services have joined the list of other mostly defensive sectors that are set up to move higher, including utilities, consumer staples, health care. Metals and mining show potential to be one of the strongest groups in the near-term, and utilities continue to stand out as perhaps the most favorable groups for market longs. Some of our sentiment readings including the McClellan Oscillator are now at high levels. But that could be a bullish sign if we get strong price action that pushes us past resistance near the 1515 to 1520 level on the cash S&P. We've already risen above the critical resistance level near 1492, which marked a retracement and an Elliot Wave target. For more up-to-the-minute market analysis, visit Thomson Squawk Box.com.