The market ran into some solid turbulence this week but ended the week with a rally after a highly manipulated Bureau of Labor Statistics' jobs report. While the reality was that 691,000 part-time jobs were created while 9,000 full-time jobs were lost, the net result of the Establishment Survey showed a gain of 303,000 non-farm payrolls vs. expectations of 200,000. Interest rates and the dollar rose, along with precious metals as the usual inverse correlation did not hold on Friday.
After slashing below their 20-demas on Thursday, the NASDAQ Composite and S&P 500 regained the line on Friday but ran into resistance along their 10-dmas. Volume was much lighter, so essentially a wedging rally into 10-dma resistance.
On Thursday we reported on both Nvidia (NVDA) and Super Micro Computer (SMCI) as short-sale entry triggers as they broke 20-dema support. NVDA rallied back up towards its 20-dema on Friday so remains in short-sale positions using the 20-dema as a covering guide. SMCI continued lower on Friday but rallies back up towards the 20-dema would bring it back into short-sale range so can be watched for.
Other big-stock AI Meme names continue to waver. Advanced Micro Devices (AMD) continues to trend lower after peaking on news in early March. It triggered another short-sale entry at its 20-dema and 50-dma on Thursday to post lower lows since the early March top. Arm Holdings (ARM) triggered a short-sale entry when it broke its 10-dma and 20-dema nearly two weeks ago and has since edged lower along the underside of its 10-dma and 20-dema. On Friday a very low-volume bounce off the 50-dma rallied up towards moving average resistance where ARM is coming into short-sale range using the 10-dma/20-dema as covering guides.
Gold finished the week at another all-time high as Comex Gold Futures closed Friday's session at 2345.40 an ounce after posting an intraday and absolute all-time high earlier in the day at $2,350.00.
Silver, meanwhile, is at two-year highs as the Comex Silver Futures make a move towards the 30.35 three-year high set on February 1, 2021.
Bitcoin ($BTCUSD) continues to base build but for now is having trouble holding 20-dema support. A test of the 50-dma is possible, and for now we see no concrete long entries in $BTCUD as it looks to set up again. For now, however, $BTCUSD is objectively flashing a short-sale entry signal here at 20-dema resistance, with 10-dma resistance just above.
Crypto miners CleanSpark (CLSK), Marathon Digital Holdings (MARA), and Riot Platforms (RIOT) all remain a very hot mess as they continue to trend lower. CLSK triggered an initial short-sale entry at the 20-dema on Monday and by Friday was printing below the 50-dma where a second short-sale entry is possible using the 50-dma as a covering guide. Keep in mind that CLSK is quite extended on the downside since busting the 20-dema so a rally back up through the 50-dma becomes a reasonable possibility. Meanwhile, MARA and RIOT simply remain in downtrends since peaking in mid-February, triggering short-sale entries along the way.
The Market Direction Model (MDM) remains on a BUY signal.