ChartAdvisor for June 5 2015 Tickers in this article: SPY, DIA, QQQ, IWM The U.S. markets moved largely lower over the past week, as of early trading on Friday morning. After the latest jobs report showed a hefty 280,000 gain in May over a year ago, fears of a rate hike by the Federal Reserve have been reignited and concerns over the winter slowdown have been allayed a bit. The data probably isn't enough, however, to convince everyone that the 0.7% contraction in Q1 2015 was just a blip on the radar screen when it comes to the economic recovery.
International markets followed the U.S. market lower over the past week, as of early trading on Friday morning. Japan's Nikkei 225 fell 0.51%; Britain's FTSE 100 fell 2.31%; and Germany's DAX 30 fell 1.4%. In Europe, the unemployment rate fell to 11.1% and growth came in better than expected, but the market remains concerned over Greece's potential missed payments on debt. In Asia, China's slowdown continues to affect the region's economies with few signs of a recovery.
The S&P 500 SPDR (SPY) 
The S&P 500 SPDR (ARCA: SPY) fell 0.43% over the past week, as of early trading on Friday morning. After moving below its pivot point, the index reached its lower trendline and 50-day moving average at 210.07. Traders should watch for a rebound from these levels toward its upper trend line and R1 resistance at 214.36 or a move lower to S1 support at around 207.34. Looking at technical indicators, the RSI appears relatively neutral at 44.89, but the MACD seems to be bearish.
Dow Jones Industrial Average SPDR (DIA)  The Dow Jones Industrial Average SPDR (ARCA: DIA) fell 0.53% over the past week, as of early trading on Friday morning. After falling below its pivot point, the index continues to hover near its lower trend line support. Traders should watch for a rebound to its R1 resistance and upper trend line at 183.35 or a move lower to S1 support at around 176.86. Looking at technical indicators, the RSI appears oversold at 42.26, but the MACD looks to be in a bearish pattern.
PowerShares QQQ Trust (QQQ) 
The PowerShares QQQ Trust (NASDAQ: QQQ) fell 0.54% over the past week, as of early trading on Friday morning. After falling to its pivot point, the index continues to hover around the 109.04 level. Traders should watch for a rebound to its upper trend line and R1 resistance at 112.09 or a move lower to S1 support at 107.00. Looking at technical indicators, the RSI appears very neutral at around 49.73, while the MACD appears to be trending largely sideways.
iShares Russell 2000 Index ETF (IWM)  The iShares Russell 2000 Index ETF (ARCA: IWM) rose 0.41% over the past week, as of early trading on Friday morning. After falling to its 50-day moving average at 124.24, the index trades near the center of its channel. Traders should watch for a rebound higher to its upper trend line and R1 resistance at 126.16 or a move lower to its pivot point at around 123.20. Looking at technical indicators, the RSI appears neutral at 51.43, while the MACD doesn't provide many clues to the future.
Looking Ahead The major indexes moved largely lower over the past week, as of early trading on Friday morning. While RSI levels are trading at neutral levels, the MACD indicators seem to be painting a more bearish picture. Next week, traders will be watching a number of economic developments, including retail sales and jobless claims on June 11th, as well as any clues from the Federal Reserve regarding interest rate changes.
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