TECHNICALS-MAJOR INDEXES

Markets closed down big on Friday as the jobs report and tech warnings kept the bulls on the sidelines.

Checking the big indexes, the SPX is about 9 points above its upwardly slanted 50 day SMA trendline; so this maybe an entry level. The 2 day RSI on the SPX is also giving a buy signal so a defined risk entry with a stop a bit below the 50 day SMA may be a nice trade.

The NDX and the MSH have recently hit their 50 day SMA's and bounced so maybe tech will lead back up. The SOX NDX tandem hit their lows early Friday and outperformed the balance of the day. In addition GOOG recently hit the $455 level and has since bounced back to $486 plus and finished +$3.34 on Friday. GS also closed green (slight) and I would have charts of those along with AAPL up as I suspect they will tell the near term story.