Intraday swings were sporadic once again today. Both the S&P 500 and NASDAQ found support at even marks (1300 and 2800, respectively). Despite the doji close though, the rising channel broke to the downside for the NASDAQ.
Looking at tomorrow, a fresh employment report is on the docket which could very well effect the market. For a closer look at what to expect head over to the Daily Ticker.
On the plus side, Facebook (FB) finally found a legitimate bottom at the $27 level (intraday low today was $26.83). Once support was established early afternoon the stock just took off around 2:30 PM EST and did not stop until the close, adding about 10% in less than two hours. Being a bullish engulfment accompanied by heavy volume, this signals atleast a short term bottom and gives the stock something to move up from. Here is a look at Facebook's intraday price action from my TD Ameritrade thinkorswim account (daily chart further down),
As usual there will be no recap tomorrow (Friday). Updated market analysis is below. Have a fantastic weekend!
And to wrap up tonight's post here is a look at sector performance for the month of May from StockCharts.com. As we can see here Finance was the worst performer while Utilities held up strong despite the tough market.