The NASDAQ Composite and S&P 500 both ended the week at all-time highs with the NASDAQ up every day of the week. Volume was heavy due to annual Russell Index rebalancing, which enabled a late-day rally on Friday that kept the indexes in positive territory as the market entered the final hour of trading.
Big-stock NASDAQ Index names Amazon.com (AMZN) and Alphabet (GOOGL), both in negative territory heading into the final hour of trade on Friday, saw big end-of-day spikes to the upside on massive volume. It is likely that this action was a result of Russell rebalancing, but taken on their face, AMZN posted a big-volume flag breakout while GOOGL posted a strong-volume pocket pivot off 200-dma support. The coming week will likely reveal whether these are rebalancing related one-offs or the start of more significant moves higher.
AI darling Palantir (PLTR) did not appear to benefit from Russell rebalancing as it triggered short-sale entries when it broke below the 10-dma and then the 20-dema on heavy selling volume. This is the second sharp price break through 20-dema support in June, where the first break immediately reversed the next day to post a moving average undercut & rally (MAU&R) at the 20-dema, leading to an eventual new-high breakout. If the latest break of the 20-day line does not act similarly, this could trigger a potential late-stage failed-base (LSFB) short entry where the 20-dema serves as a covering guide. 
Technology names are mostly extended on the upside as illustrated by the SPDR Select Sector Technology (XLK) ETF. Note, however, that the XLK closed down on Friday even as the NASDAQ Composite and NASDAQ 100 Indexes finished higher as they posted all-time highs. this is perhaps not surprising as this current market breakout saw only 22 S&P 500 Index component stocks post all-time highs, in conrast to the 67 all-time highs seen the last time the indexes broke out to new highs in January 2024.
To some extent this is a market of stocks as we see moves in both directions. Apple (AAPL), for example continues to reverse at 50-dma resistance as it tracks sideways in a potential bear flag. We would continue to view the stock as a short-sale entry using the 50-day line as a covering guide.
Copper miners gapped higher on Thursday as Copper Futures broke out and Goldman Sachs (GS) issued an upbeat report on the metal amid tightening supplies. On Friday we reported on big-stock copper miners Freeport-McMoRan (FCX) as it pulled in to test the 43.38 intraday low of Thursday's buyable gap-up (BGU) price range. It remains within buyable range using the 43.38 low as a selling guide per standard BGU rules.
Bitcoin ($BTCUSD) is sitting within a constructive-looking 23-week cup-with-handle, and has closed tight four of the five weeks that make up the handle in the pattern.
Meanwhile, near-term risk-off sentiment has gold correcting back below the $3200 level as the SPDR Gold Trust (SPDR) gapped below 50-dma support but remains well above its prior 50-dma test of mid-May. After going parabolic into late April, gold continues to base and may spend more time consolidating as we do not see a major breakdown in the yellow metal given current underlying fiscal and monetary conditions.
Silver, via the iShares Silver Trust (SLV) remains near recent 13-year highs after a 2% pullback on Friday took it into 20-dema support. Depending on how this plays out in the new trading week, this pullback to the 20-dema could potentially offer a lower-risk long entry using the 20-day as a selling guide.
On Friday we issued Pocket Pivot Reports in arrears for BWX Technologies (BWXT), which supplies precision manufactured components and services to the commercial nuclear power industry and posted a pocket pivot two weeks ago, along with two small modular nuclear reactor names, Oklo (OKLO) and NuScale Nuclear Energy (SMR), which posted pocket pivots last week.
Because we do not like to chase these after the fact given the magnitude of the pocket pivot moves, we look for pullbacks into moving average support as potential lower-risk, opportunistic entries. BWXT looks buyable as it holds tight along 10-dma support. while OKLO and SMR pull into 20-dema support. Depending on how these trade this coming week, they may become buyable using the relevant moving average as a tight selling guide.
The Market Direction Model (MDM) remains on a BUY signal.