U.S. stock futures are down again following Thursday’s massive sell-off — and more in Friday’s stock market recap.
The S&P 500 fell more than 3% Thursday in its second-worst trading session this year, while the Dow lost more than 1,000 points, or about 3%.
The Nasdaq dropped almost 5% to its lowest closing level since November 2020. But we’re seeing a divergence between the index and its Relative Strength Index, which indicates it’s oversold and needs to move higher.
In regard to why we’ve had such a big sell-off, there’s not much if any supporting data other than people are fearful.
Investors could be concerned the Federal Reserve won’t be able to get inflation under control while earnings have disappointed for some companies…
But all signs point to a shakeout, which we usually see at these levels before the market heads higher.
Meanwhile, nonfarm payrolls came in at 428,000 versus a consensus of 400,000 new jobs added. The unemployment rate is 3.6% versus 3.5% expected.
In this morning’s stock market recap video, you’ll discover the most beaten-down sector coming back to life… what the current divergence in bonds and stocks is pointing to… a deep dive into market internals for bearish or bullish confirmation… sector rotation analysis to help you gauge strength… a look at the jobs data coming out Friday… plus the major levels in key indices right now.
In fact, according to former $700 million hedge fund manager Jeff Zananiri, there are multiple crashes coming.
He’s been trying to warn traders for weeks now…
And he’s going live at 1 p.m. EDT today, Thursday, May 5, to reveal a unique opportunity to play both sides!
Because if traders aren’t primed to take advantage of market crashes, they could be left on the sidelines watching the grand slam opportunity of the decade pass by.
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