Friday’s employment report was great news for investors and a bigger surprise to many analysts whose predictions were far off from 850,000 non-farm payroll jobs reported on Friday that sent the Dow, NASDAQ, and S&P 500 to close at new all-time highs. However, not everyone on the Street is convinced. With the numbers coming short of the one million mark predicted by this point in the recovery, the employment-population ratio remaining flat, and slowing wage growth, some economists warn that however positive these numbers seem on the surface, signs of underlying weaknesses and waning momentum are still present.
The $SPY closed at $433.72 (+1.53%) on Friday; a new ATH. Having a look at the daily Raindrop® Chart, price is trading well above the breakout from the ascending triangle from last week; with volume building at the upper price range above the 1.618 extension. On the monthly, supply in the upper volume nodes was quickly digested to become support for a very bullish-seeming green candle close on Friday.
$QQQ ended Friday at $358.64 (+1.29%); a new ATH! Turning to the daily Raindrop® Chart, price is trading strongly above last week’s breakout from the ascending trendline; with a bullish Blue Raindrop® signaling continuation. On the monthly, price is still trading above the 5-month long consolidation range and holding above the high volume nodes on the Volum Shelf; with continuation seeming in the cards in the near term.
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