The basic gist is: The data clearly weakened during March, and the ISM/PMI data due to come out over the coming hours will either confirm the deceleration or refute it.

But it's not just the next 24 hours, the whole next week is going to be stacked.

Tomorrow, in addition to ISM manufacturing data, we get construction spending, which is expected to grow by 0.5%.

Then on Tuesday we get auto data for March, which should be a huge harbinger of the jobs report on Friday, given how nicely car sales and job gains correlate. FOMC minutes from the March meeting are also coming. Given the obsession with the QE3 question, these will be parsed over like crazy be Fed Kremlinologists.