As mentioned in yesterday's analysis, we anticipated a market bounce today and while it might not seem like much in terms of what we got at the end of the day, nonetheless, it was. Wall Street received a nasty jobs report, that saw the market open drastically lower, only to see it steadily climb itself out of the hole. The down side to all of this, is that this may be all we get out of the market and we could consequently see more of the same next week.

Here's the Nasdaq and S&P charts...

After yesterday's losses on Wall Street, it looks like we'll be seeing some follow through this morning after unemployment hit 6.1%. In any case, lets take a look at the charts below. Green line is our intial target, Yellow is our potential entry and red is probably where we'd look to get out if the position goes against us. Remember, the market is pretty oversold, so don't go to crazy to the short side. Use some caution.