Market Update Into 6/7: NASDAQ and Dow Close Shy of All-Time Highs on a “Not So Bad” Jobs Report
On Friday morning, May’s Jobs Report pushed stocks and ETFs higher; with the NASDAQ and Dow closing just shy from previous all-time highs. The 559K+ jobs added in May were less than analysts predicted but signaled that the Fed will most likely leave interest rates untouched until clearer signs that inflation is knocking on the door of the economic recovery that is underway. Special mention to the NASDAQ that closed with a weekly gain of 1.4%, hinting at the role that tech is to play in the Binden Administration’s plan to rebuild America.
In this blog post, make sure to check out the top 5 TrendSpider charts posted this week on social media; as well as the broad market charts into next week!
Don’t forget Season 4, Episode 3 of the “Stock Trading Pit” on Sunday (6/6) at 8 PM (EST) with special guests, King Blehme from King Street and Tanner from ChartingOptions.
Set A Reminder and Tune In Here
The $SPY closed Friday at $422.62 (+0.92%). Taking a look at TrendSpider’s Raindrop® Charts on the daily, price tagged the Anchored VWAP mid-week and closed above the high volume nodes on the volume shelf; with trading volume building at the upper price range visualized in the Raindrop® Candles. On the weekly, continuation is expected, as price closed shyly above the 2.618 fib on a “Dragonfly” Doji candle.
The $QQQ closed the week at $335.8 (+1.76%). On the daily Raindrop® Chart, price has successfully burrowed through a few high volume nodes on the volume shelf to close above; with buy volume mostly in the upper price range. On the weekly, price action has respected the ascending trendline and now battering away at the upper resistance level; with a “Dragonfly” Doji to close out the week.