Fed Chair Jay Powell's widely anticipated virtual speech at this year's Jackson Hole Symposium proved to be a nothing-burger as the Head Fedhead offered nothing that was different from the same technocrat line investors have heard after every Fed policy meeting for the past several months. That line is essentially that the economy is/has recovered but "risks remain" with new virus variants, that current inflated inflation numbers are merely transitory, that monetary policy is "in a good place," and that if anything does go awry the Fed stands ready to play economic handyman by quickly remedying things through the implementation of the tools in their tool box. In other words, the status quo of a continuation of QE without tapering remains in effect.
Markets took this as a sign to continue with their own status quo, which has been to continue making new highs. That is what we saw on Friday as the S&P 500 and NASDAQ Composite Indexes posted another set of all-time highs on Friday. The status quo is also why the Market Direction Model (MDM) remains on a BUY signal.
We reported on Facebook (FB) as a pocket pivot on Friday early in the day but by the close volume levels had petered out and were insufficient for a pocket pivot. Volume was, however, higher than any down-volume day over the prior five days so qualified as a five-day pocket pivot, but as noted in a follow-up report later on Friday we want to see a cluster of five-day pocket pivots (2-3 or more) in lieu of a single ten-day pocket. We also do not chase strength on pocket pivot days but rather prefer to wait for any pullback to near-term support (in this case the 10-dma) as a lower-risk entry.
Big-stock NASDAQ names have helped to drive the indexes higher, as the rest of the "S&P Five," the stocks that account for a 22.5% weighting in the S&P 500 and a nearly 41% weighting in the NASDAQ 100 (AAPL, AMZN, FB, GOOG, and MSFT) continue to rally. As we discussed in our Thursday live webinar, these stocks may be sufficient to participate in any continued market rally as the Fed continues to merely offer lip service to the idea of QE tapering an little more. The trick is in finding lower-risk entry points on the charts as they crop up in real-time. Apple (AAPL) is in a buyable position as it finds support along the 20-dema while Microsoft (MSFT) is in a buyable position at its 10-dma where it found support on Friday. Alphabet (GOOG) is extended but Amazon.com (AMZN) posted a five-day pocket pivot as it pokes its head above the 20-dema. As noted above, FB is holding in a constructive pattern as well. 
Gold continues to rally after the massive shakeout through the $1750 level and test of key support at $1677 in gold futures. The yellow metal continued to rally Friday on Powell's dovish speech, posting a strong pocket pivot move back up through the 50-day and 200-day moving averages. The Sprott Physical Gold Trust (PHYS) may be buyable on this move with the idea of using the 50-day moving average at 14.19 as a selling guide.
Silver has been slower to recover but is starting percolate off its recent lows below the $24 level on silver futures. On Friday the Sprott Physical Silver Trust (PSLV) posted a bottom-fishing type of pocket pivot through its 10-dma and 20-dema. This becomes actionable using the 10-dma at 9.18 as a maximum selling guide.
Bitcoin as represented by the Grayscale Bitcoin Trust (GBTC) continues to move higher in a choppy rally. On Thursday, GBTC tested the 200-day line, offering a lower-risk long entry opportunity before pushing higher on Friday.