Under other circumstances it could have been a sleepy post-holiday summer Friday. But as it stands now, July 5 could be a make or break moment for the rallying stock market.

That’s the day the Labor Department will put out its next jobs report. It’s going to be a crucial one because it could either confirm the basis of the recent market surge, or dramatically reverse it.

“It’s the type of report that could send the market either spiraling or rocketing,” JJ Kinahan, chief market strategist for TD Ameritrade, said in an interview with Business Insider. He added that trading desks will be lightly staffed after the Independence Day holiday, which could suppress volume and lead to greater daily volatility.

Over the past few weeks,

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