The positive employment data released last Friday was supposed to push the market higher, but the opposite occurred. There were three main culprits whose negative impact on the market outweighed the positive employment news. These three culprits were the 10 year treasury yield, oil prices, and profit taking. The yield on the 10 year treasury bond reached 4.97%, which caused traders to take profits from the upside momentum seen all throughout the week. High oil prices also created concern in the market place, which in turn lead to more selling pressure. The Dow (pictured below), S&P, and NASDAQ all closed lower on the day.

The selling pressure seen in the market as of late has presented several pullbacks to up trending lines. COSTCO Wholesale Corp (NASDAQ: COST) is an example of such pullback. The stock is currently trading at levels consistent with the up trend line (chart below). Does this mean it's time to buy COST? Well, this is a strong trendline but the fact that COST is pulling back to the trend line off of a downside gap troubles me a little.

Blackboard Inc (NASDAQ: BBBB) has created an interesting technical pattern. The 2-year daily bars chart (pictured below) shows a fairly consistent up trend. The stock price met resistance at 32.50 before pulling back towards the trend line. The price then gapped up and hit the same 32.50 brick wall. Is this a double top formation? It's too soon to tell, but if the market continues Friday's downward momentum, we will certainly know very soon. The key indicator will be a drop below the support level at 25.50.

Biogen IDEC INC (NASDAQ: BIIB) has been showing a lot of weakness these days. The 5 day 5 minute bars chart tells the story. BIIB created a down trend line, but was able to break out of the trend. After the stock looked as if it was making a potential reversal, it began its decent once again. Support at 44.35 has proved consistent, but the stock price broke the support levels several times intraday on Friday, and closed only .02 above the support level.

A move below support at 44.35 would indicate the stock is in prime shorting position.

Andy Swan is co-founder and head trader for DaytradeTeam.com.  To get all of Andy's day trading, swing trading, and options trading alerts in real time, subscribe to a one-week, all-inclusive trial membership to DaytradeTeam by clicking here.