Not a great day today on Wall Street, as stocks could not hold onto their early gains following a better-than-expected jobs number and finished flat for the session. Stocks gapped up to start the session, but that gap was immediately sold. Stocks tried to bounce back starting at 10:00, but could never get back to their opening highs and went back down to test the morning lows around 2:00. They bounced a bit into the close but finished basically flat for the day. Volume was lower on the S&P and perhaps a bit higher on the Nasdaq.
Technically, the reversal may be bearish but it doesn't look to be that big of a deal on the daily charts. If it came on major volume, then I may be more worried, but everything looks OK for now. The S&P did briefly get above 950 at the open, but looks to be trading in a 20-point range now between 930 and 950. A break of either of those levels would likely be significant. The Nasdaq could stand to pullback a bit but support sould come in first around 1806 and then around 1775. The only main worry I have about today's action is that XLF looked to be breaking out from a symmetrical triangle but reversed after touching its 200 day moving average. That bears watching.
I didn't make any moves today but my work committments are officially lessened greatly now and I will be getting back into the swing of things starting next week. If you follow me on Twitter, I will be looking to post there more often intraday if I see something interesting. In terms of the stocks I showed last night, most were not damaged much from today's reversal and actually, a day like today could benefit many of them, giving them a bit more rest. We'll see if I have more bullish patterns setting up in my scans this weekend or if I find a bunch of bearish reversals in individual stocks.
Enjoy the weekend - I'll be back at some point. Take care.