The NASDAQ Composite and S&P 500 Indexes ended the week with a a sell-off on Friday after posting all-time highs on Thursday. A hot jobs number from the Bureau of Labor Statistics threw water on Thursday's rally with 275,000 new non-farm payrolls vs. expectations of 200,000. The unemployment rate rose to 3.9% vs. expectations of 3.75%. Both indexes pulled outside reversals on higher volume Friday, a bearish development after the initial upside moves on Friday after the jobs number.
Big-stock AI Meme semiconductor names Advanced Micro Devices (AMD), Arm Holdings (ARM), Nvidia (NVDA), and Super Micro Computer (SMCI) all sold off hard on Friday as all four reversed from initial rallies. AMD was perhaps the ugliest after all-time new highs at 227.30 following an analyst upgrade and then reversing to close at 209XXX. ARM triggered a short-sale entry at the 10-dma as it broke below the line, using the 10-dma as a covering guide. NVDA reversed at the $900 Century Mark to trigger a Livermore Century Mark short-sale entry using the $900 level as a covering guide. SMCI also triggered a Century Mark short-sale entry at the $1200 level before closing at 1140.01.
Two other AI Meme semiconductors, Broadcom (AVGO) and Marvell Technology (MRVL) came apart on Friday after reporting earnings Thursday after the close. MRVL held support at its 10-dma so remains above the prior week's breakout levels while AVGO avoided an outright late-stage failed-base short-sale trigger by holding support at the 20-dema. Should it break below the line this coming week it would trigger a short-sale entry using the 20-dema as a covering guide.
Arista Networks (ANET) closed below 20-dema support on Friday after attempting to break out to new highs earlier in the week but falling short. This would put it in a short-sale entry position using the 20-dema as a covering guide. Should it by chance regain the 20-dema in short order, then a potential moving average undercut & rally (MAU&R) long entry would be generated using the 20-day line as a selling guide. For now, the short-sale entry remains in force pending further evidence to the contrary, so simply play it as it lies.
Bitcoin ($BTCUSD) posted all-time highs on Friday, printing a peak of $70,151.21 before backing down slightly to end the week at $69,259.76. It remains far extended from long entry points along its 50-dma back in early February as we reported on at that time. The Livermore "century" rule works in both directions. Since Bitcoin was rejected at the 70,000 level, it may have further to fall. If, on the other hand, it can definitely move above 70,000 level, such as to 71,000 on volume, it is then more likely to continue its uptrend. BTC spot ETFs continue to experience large inflows overall. Major institutions now have mandates to hold 1-3% BTC in their funds. 
On Wednesday we reported on moving average undercut & rally (MAU&R) moves in crypto miners CleanSpark (CLSK) and Marathon Digital Holdings (MARA) at their 20-demas. MARA sputtered a bit before rallying above the 20-dema on Friday in a stalling move so looks somewhat bearish. CLSK was much more robust as it cleared the 20-dema on Wednesday and continued higher into the end of the week, closing near its intraday highs on Friday. Bitcoin miners track the price of Bitcoin though sometimes can lag. Should Bitcoin continue its uptrend, expect miners to follow suit albeit with some possible lag time.
Arista Networks (ANET) closed below 20-dema support on Friday after attempting to break out to new highs earlier in the week but falling short. This would put it in a short-sale entry position using the 20-dema as a covering guide. Should it by chance regain the 20-dema in short order, then a potential moving average undercut & rally (MAU&R) long entry would be generated using the 20-day line as a selling guide. For now, the short-sale entry remains in force pending further evidence to the contrary, so simply play it as it lies.Bitcoin ($BTCUSD) posted all-time highs on Friday, printing a peak of $70,151.21 before backing down slightly to end the week at $69,259.76. It remains far extended from long entry points along its 50-dma back in early February as we reported on at that time. The Livermore "century" rule works in both directions. Since Bitcoin was rejected at the 70,000 level, it may have further to fall. If, on the other hand, it can definitely move above 70,000 level, such as to 71,000 on volume, it is then more likely to continue its uptrend. BTC spot ETFs continue to experience large inflows overall. Major institutions now have mandates to hold 1-3% BTC in their funds. On Wednesday we reported on moving average undercut & rally (MAU&R) moves in crypto miners CleanSpark (CLSK) and Marathon Digital Holdings (MARA) at their 20-demas. MARA sputtered a bit before rallying above the 20-dema on Friday in a stalling move so looks somewhat bearish. CLSK was much more robust as it cleared the 20-dema on Wednesday and continued higher into the end of the week, closing near its intraday highs on Friday. Bitcoin miners track the price of Bitcoin though sometimes can lag. Should Bitcoin continue its uptrend, expect miners to follow suit albeit with some possible lag time. 
As $BTCUSD posts all-time highs so does gold as the SPDR Gold Shares (GLD) pushed to all-time highs again on Friday as it rallied for the eighth day in a row to close at $201.71, clearing the $200 Century Mark for the first time in its history. Meanwhile, gold itself posted an all-time high of $2,203.00 an ounce on Friday before settling back to close at $2,184.90 at the closing bell for stocks..
Crypto currencies and stocks along with precious metals and precious metals stocks ended the week at or near higher highs as the entire alternative-currency space diverges from the general market. Certainly, the stock market is ripe for a correction that is more substantial than we have seen so far in 2024, so investors should have a selling plan worked out in advance for winning positions as this eliminates the need to react emotionally if this market sell-off gathers momentum.The Market Direction Model (MDM) remains on a BUY signal. It is on the verge of switching out of its buy signal should the NASDAQ Composite trade below Friday's low.