Major market indexes edged higher with the NASDAQ Composite, NYSE Composite, and S&P 500 all posting higher closing highs while the small-cap Russell 2000 posted new highs, following a Goldilocks jobs number that was not too hot and not too cold at 140,000 new non-farm private payrolls vs. estimates of 120,000. This helped to allay fears of an economic slowdown after Wednesday's very weak ADP jobs number that came in at 37,000 vs. expectations of 115,000. Volume was light on Friday the indexes churned around in tight ranges.
The silver space was on fire this week as silver posted a new 13-year high. We discussed the iShares Silver Trust (SLV) last week and previously as a potential long entry along 10-dma, 20-dema, and 50-dma support as it consolidated over the past six weeks.
On Monday we also issued a report on the iShares Silver Trust (SLV) as it gapped higher that morning in a breakout move as seen from the perspective of silver futures. This all comes on the heels of our initial May 16th U&R report as the SLV posted a stealth U&R in the pre-open that day along the 29.04 prior low of May 2nd. During Wednesday's live webinar, we discussed the possibility that silver could be starting a more protracted upside move, and on Thursday it did just that, closing the week just below the $36.00/oz. level.
Following silver's lead, the silver miners shot higher this past week with many posting FOMO-like moves into Thursday, with leading silver First Majestic Silver (AG) leading the chart as it ran up 37.76% from last Friday's close to the peak on Thursday before ending the week up 34.04%.
Bitcoin ($BTCUSD) tested 50-dma support as we surmised it might two Wednesdays ago during our weekly live webinar. The pullback was logical within the context of the prior move off the early April lows and presented a) a short-covering reference for any double-top short-sale positions taken on the prior failed breakout of two weeks ago and b) a flip-point to the long side as $BTCUSD found ready support at the line while using the 50-day as a tight selling guide.
Crypto miners that we have reported on since the April lows have had a volatile, with CleanSpark (CLSK) and Marathon Digital Holdings (MARA) having difficulty in making consistent upside progress. The one exception is IREN, Ltd. (IREN), which posted a strong-volume pocket pivot on Friday as it cleared the 10-dma and moved to higher highs. The volatility of these stocks makes them difficult to chase, and we believe investors looking to buy into these should wait for opportunistic entries on constructive weakness. Examples of this would be the low-volume pullbacks into 50-dma in CLSK and MARA this past Monday.
Big-stock techs Apple (AAPL), Amazon.com (AMZN), Meta Platforms (META), Microsoft (MSFT) and Nvidia (NVDA) continue to push higher as the Magnificent Seven again find favor among investors. Note that the grinding upside movement is similar to what we see in the major market indexes with mostly small churning ranges posted on Friday. We have reported on these names previously since the April lows and all are extended to the upside with the exception of Apple (AAPL) which may be flashing a potential short-sale entry along 50-dma resistance, using the 50-day as a covering guide.
Similar grinding action is seen in other big-stock techs we have reported on over the past two months, roughly, Advanced Micro Devices (AMD), Arista Networks (ANET), and Arm Holdings (ARM). ARM appears as a potential short entry at 200-dma resistance which would then be used as a covering guide..
Industrial metals that we have previously reported on mostly continue to trend higher. Alcoa (AA) is currently in a state of flux after Trump raised aluminum and steel tariffs from 25% to 50%. AA is a Canadian aluminum producer. Brazil-based copper producer Ero Copper (ERO) posted another pocket pivot on Wednesday, well after we first reported on the stock when it posted a VDU long entry along 10-dma support on May 21st. U.S. Steel (X) remains in a tight range as it meets up with the rapidly rising 10-dma, following the massive upside move two weeks ago after Trump endorsed a business combination with Nippon Steel. We fortuitously reported on X as a pocket pivot 
The Market Direction Model (MDM) remains on a BUY signal.