The NASDAQ Composite posted a new all-time high on Friday as big-stock techs drove a NASDAQ 100 rally into the end of the week. This came one week after last Friday's jobs number debacle. Meanwhile, the S&P 500 fell short of all-time highs as techs led the market higher on Friday, and the broader NYSE Composite stalled at 10-dma and 20-dema resistance. Volume was lighter on both exchanges.
Big-stock NASDAQ names drove the rally as Apple (AAPL) continues to lead the charge after announcing it would increase its investments in new U.S. manufacturing facilities by $100 billion. This, in turn, earned the company a full exemption from the 100% tariff on imported semiconductors. Other big-stock NASDAQ names, such as Cisco Systems (CSCO), which is expected to report earnings this Wednesday after the close, chimed in to contribute to the narrow rally that saw both NYSE and NASDAQ breadth edge slightly positive on Friday. Note that Tesla (TSLA) posted a pocket pivot at the 50-dma and 200-dma, technically actionable using the moving averages as tight selling guides.
As big-stock NASDAQ names lead the tech-centric indexes higher, other areas of the market have fared less well. Big-Stock Cloud Software names in the SaaS (Software as a System) space have suffered on fears that AI will replace many of the functions of such software products. Most recently, Workday (WDAY) has followed its cousins Salesforce.com (CRM) and ServiceNow (NOW) lower after triggering a short entry at the 10-dma and 20-dema on Thursday.
Recently hot, speculative areas of the market have continued to cool down as Quantum Computing names we have reported on since April have backed down. IonQ (IONQ) reported earnings this past week and posted a moving average undercut & rally (MAU&R) move at the 50-dma on Friday, technically actionable using the 50-day line as a selling guide. D-Wave Quantum (QBTS) is now testing 50-dma on average volume while Rigetti Computing (RGTI) comes int 10-dma support on a VDU volume signature with volume -54% below average n Friday. It is expected to report earnings on Tuesday after the close. Last quarter it surprised with a 13-cent profit, so will be one to watch after earnings. 
Small modular nuclear reactor makers have also run into selling as of late. Nano Nuclear Energy (NNE) is testing 50-dma support ahead of its expected earnings report this Thursday after the close, while Oklo (OKLO) is expected to report earnings Monday after the close. NuScale Power (SMR) reported earnings on Thursday after the close, sending the stock through 20-dema support where it triggered a short-sale entry early in the day before slashing lower to close below 50-dma support.
While the precious metals miners have been on fire over the past week, industrial metals names, particularly copper miners, have had a rough go of it since Trump announced 50% tariffs on copper and 25% tariffs on aluminum. It is not clear yet whether things have settled out yet among the coppers but we continue to watch for potentially opportunistic entries in the space depending on how the tariff situation plays out from here. Meanwhile, big-stock aluminum Alcoa (AA) remains weak and steelmaker while Commercial Metals (CMC) has exhibited expanding volatility as it incoherently swings back and forth between 50-dma/200-dma support and recent highs.
Thursday evening the Trump Administration allegedly announced that one-kilo and 100-oz. gold bars would be subject to tariffs. That sent COMEX Gold Futures rocketing higher overnight Thursday to post a new all-time futures high at $3,534.10 an ounce. On Friday, later in the day, the White House then said that the President would issue an order clarifying the gold tariffs. It was not immediately clear what that meant, but gold, silver and the miners sold off on the news, only to shakeout sharply and recover back towards price levels seen before the White House statement.
Despite the volatility seen in COMEX Gold as spot gold prices held steady just below the $3400 level, the Gold Continuous Futures Contract ($GOLD) continues to tighten up with what is now a 16-week base with the yellow metal closing tight and above the 10-wma for the past six weeks in a row.
Silver also continues to act constructively following a breakout to 12-year highs two months ago. Over the past two weeks the Silver Continuous Futures Contract ($SILVER) has tested 10-week moving average support and held. Typically, the first pullback to the 10-week line following a prior breakout can serve as a reasonable, opportunistic long entry using the 10-wma as a selling guide.
Support at the 10-wma is a recurring theme among the alternative-currencies, including Bitcoin ($BTCUSD) which continues to hold steady along the $120,000 level as it builds what is now a four-week base following a cup-with-handle breakout five weeks ago. So far, the 10-week moving average has served as solid support as King Crypto may be setting up for another move to new highs. For now, we continue to like pullbacks to the 10-wma as potentially opportunistic long entries from here following the prior cup-with-handle breakout.
As Bitcoin sits on the verge of a potential breakout to new highs, crypto-miners we have reported on previously since early April began rolling over a month ago, even as $BTCUSD was breaking out to all-time highs. CleanSpark (CLSK) and Marathon Digital Holdings (MARA) both triggered short-sale entries at 50-dma support over the past two days while IREN Ltd. (IREN) holds tight near recent highs. IREN's relative strength is due to the fact that the company has pivoted away from crypto and towards what they call purpose-built AI Data Centers using 100% renewable energy. This may create further upside potential for the stock as it holds tight along the 18-19 level following a shakeout along the 50-dma earlier in the week, so should be watched closely.
This remains a challenging environment where bifurcation and marginal breadth accompanies new highs in the tech-centric indexes. This week we will see CPI and PPI date on Tuesday and Wednesday, respectively, which could impact the market and the magnitude of the Fed's expected rate cut in September.
The Market Direction Model (MDM) remains on a BUY signal.