Momentum Stretches as Resistance Builds | May 8, 2026

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The jobs report came in stronger than expected. The market was looking for 55,000 new jobs, but the report showed 115,000. Stocks moved higher after the news, and the 10-year yield came down slightly. Even with that jobs report, earnings are still the main thing driving the market right now, especially in software, tech, data center, and AI-related stocks.

The S&P 500 Index (SPX) is pushing toward yesterday’s highs near 735.18. It has already moved above the top of its parallel channel, which keeps the door open for more upside. The next resistance area is near 745. That would be a big 10-point move today, but it is still a valid upside target based on the February 2025 pivot connected to the October 2025 pivots.

The Invesco QQQ Trust (QQQ) is trying to move back into the larger parallel channel that started from the April 2025 low. The key level is $708.08. A close above that level would put QQQ back on the same path it was following after the April low. The move has been strong, but the daily RSI is at 79.31, which means the chart is overbought. That makes the area above $708 important resistance. If QQQ clears it, that would show how strong the short-term market move really is.

The iShares Russell 2000 ETF (IWM) is also moving higher, but it is not as strong as the S&P 500 Index (SPX) or the Invesco QQQ Trust (QQQ). A strong move today would be a push back above yesterday’s highs around $287 and change. Upside resistance is at $291.79. Downside support is at $278.18 on the rising trend line.

The VanEck Semiconductor ETF (SMH) remains one of the strongest areas in the market. It is trading above both yesterday’s high and the prior day’s high, near $551.24. The measured move on the weekly chart is based on a similar move from October 2022 through July 2024, when SMH gained 245%. If this move matches that one, SMH could reach around $586. That is about $36 above the current price, or about 6% to 6.5% higher. SMH is already up 13.68% over the past week to week and a half, so that target is still possible.

The risk is that SMH is overbought and getting close to finishing that measured move. The last time SMH reached a 245% gain, it later dropped 28%, moved sideways, and then dropped another 36%. That does not mean the same thing has to happen again, but it does mean SMH is getting close to an area where a pullback or sideways consolidation becomes more likely.

Gold is moving slightly higher as the 10 year yield comes down. The key level for gold bulls is $4,800. If gold can move above that trend line, the chance of more upside increases, with a possible retest of the recent highs near $4,890. Silver is acting stronger than gold and has moved further away from its recent low. It is pushing into yesterday’s pivot high and the April 17 pivot high. Near term resistance is at $84.18. The top of the parallel channel is at $88.45. Together, those two levels create a strong resistance zone.

Oil, West Texas Intermediate (WTI), is moving lower after the news report. There was also a report suggesting a possible peaceful deal between Iran and the U.S. heading into the weekend. On the 10-minute chart, oil had a move higher and then started forming bull flag-style consolidation. It is not the cleanest bull flag, but the chart still shows a V-shaped recovery followed by consolidation.

For oil bulls, $94.95 needs to hold by today’s close. If that level holds, and with the two large wicks on the prior daily candles, oil could build momentum toward the next resistance at $107.48. First support is $85.81.

Natural gas (NG) is still moving sideways. It is trying to build consolidation. If it can stay above $2.90, the odds improve for a move back toward the lower part of the parallel channel at $3.28. The next few days will matter because the price needs to prove it can hold this area.

Akamai Technologies Inc. (AKAM) has moved higher, with premarket trading around the $150 to $151 area. That area is near term resistance, but the price already tested it before the open. If the market stays strong, AKAM could push through that level instead of rejecting it.

The $150 area comes from a major trend line that started at the January 2007 pivot and connects to the January 2021 pivot. The next possible resistance area is near $165, based on a weekly low pivot from 1999. The more important resistance level is much higher, near $207.50, based on a January 2000 low pivot. If AKAM confirms above the rising trend line just above $150, the chart has room to move higher.

CoreWeave Inc. (CRWV) is under pressure after trading around the $116 to $115 area. The company reported an earnings loss and said it is not profiting from its AI infrastructure. That shows weakness in some AI names, where revenue and income are not growing as quickly as expected. Bigger companies such as Alphabet Inc. (GOOGL) may be in a better position because of their size, but CRWV looks more vulnerable.

The key support levels for CRWV are $111.09, which is a gap fill, followed by $102.70. The most important level is the rising trend line, with $100 being the critical level. CRWV needs to stay above $100 to keep any positive momentum. High capex is hurting margins and potential revenue for some AI stocks.

IREN Limited (IREN) is moving on a major Nvidia Corporation (NVDA) partnership. Nvidia has a five-year right to buy 30 million IREN shares at $70 per share. The two companies are also working together to build data centers. IREN is gapping above near term resistance from the January 2026 pivot high and is testing the area near all time highs around $77. That level also lines up with the 50% area of the rising parallel channel.

The partnership was first described as $3.2 billion, then corrected to $2.1 billion, with the note that the total could be higher because the companies are building data centers together. The chart is reacting strongly, with IREN pushing into a major resistance area.

Cloudflare Inc. (NET) is dropping sharply in premarket trading. The stock closed yesterday at $256 and is now trading near $214. The company announced it is laying off 1,100 workers and moving toward an AI-first operating model. That looks like a major workforce reset, with the company likely cutting roles that do not fit the AI direction and keeping workers who are better aligned with AI operations.

Investors pushed the stock lower. The key support level today is around $200. The chart has several pivots and consolidation areas near that level. If $200 breaks in the coming days, the next support area is the 50% level of the parallel channel and the rising trend line near $181. The Trade Desk Inc. (TTD) is still weak after earnings. The stock closed yesterday at $23.49 and is now trading at $20.49. The company missed on EPS, margins fell to 30% from 34%, and guidance was weak. That combination keeps pressure on the stock.

The major downside level is $15.88, which comes from a 2018 pivot high and remains an important chart level. If the stock eventually regains momentum, it could move back toward the broken rising trend line near $30.92. For now, TTD remains weak, and the more interesting area does not come into play until the price falls below $16.

HubSpot Inc. (HUBS) is also falling after earnings. The company beat on revenue and earnings, but guidance was not strong enough. Since software companies are already under pressure because of AI agents, that was enough to send the stock lower. HUBS is trading under $200. The first key support level is $162.20, based on a 2018 pivot high. The next support level is $137.30, based on a 2019 low pivot. The $137.30 level is unlikely to be hit today, but $162.20 is in play.

Bitcoin (BTC) is still moving sideways. For bulls, the first key downside level is $79,523. Holding above that level would be positive and could give Bitcoin a chance to move toward the falling trend line just above $85,000, listed at $85,329 as of May 14. If $79,523 breaks, Bitcoin still has another support level near the rising trend line at $78,574. If both levels break, the market story starts to change because the current upward path would be broken. For now, Bitcoin needs to stay above those levels to keep the chart constructive.

Outlook

The market is still strong, but not every area is moving the same way. The jobs report was better than expected, the 10 year yield came down slightly, and earnings are creating big moves in tech, software, data center, and AI-related stocks.

The S&P 500 Index (SPX), Invesco QQQ Trust (QQQ), and VanEck Semiconductor ETF (SMH) are still pushing higher, but some charts are overbought and near resistance. Gold and silver are firming up. Oil is reacting to both chart structure and Middle East headlines. Natural gas is still consolidating. Bitcoin is moving sideways with clear downside levels to watch.

The main point is simple: momentum is still there, but several assets are getting close to levels where resistance, consolidation, or pullbacks matter more.