That was one wild morning yesterday! We had a much worse than expected jobs report released at 8:30 which caused some wild swings in the futures. I'd call it the 'not bad meaning bad but bad meaning good' report. The futures got slammed initially only to bounce real hard after folks realized that the report probably would soften up the Fed. But those who got swept up in the pre-market buying and jumped in before the 10:00 economic reports were released promptly got their heads handed to them. Here's an intraday Nasdaq chart (30-minute bars) followed by a daily chart:
It looks like last week's lows are in for a test. Things should get really interesting as first quarter earnings reports start to trickle over the next couple of weeks. Get out your hard hats! :-)
Look out below. What is the deal on the stochastics? We moved out of oversold territory with a quickness. Is that another bearish sign?