The S&P 500 Index closed at 1121.64, down 4.2 points on Friday. Stocks dropped dramatically in the wake of a disappointing nonfarm payrolls report. The major market indexes all tumbled to heavy losses by midday, but the bulls proved their strength by switching into bargain-hunting mode in afternoon trading.
Market looks bullish to me in short term. I will wait for the short order at 1040-1050 resistance. Actually, 1030 is the first hurdle market needs to face in the near future.
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