The market gapped down on Friday due to the poor jobs report, but apparently that was baked in already, because the market fought back to close only slightly lower.
The S&P 500 found some support at the 50-Day MA on Friday as well. This could provide support for an oversold bounce from here.
The charts I posted on the last post had mixed results, and none of the stocks that I left on the Watchlist triggered. In fact, most of my trades in the last few sessions have been in day trading FAS and FAZ. On days when these are trending, they offer some great opportunities for quick trades. In stocks though, it’s been a different story for me lately. I found what I think are a few good charts, but most are starting to look sloppy or weak. We shall know soon if last week was a buyable pullback, or the start of a major correction.
Very few stocks looking good on the long side, but these have held up well during last weeks down move, and could be good trades if the market bounces.
Good luck and good trading!
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