The Commerce Department said on Friday that the consumer spending dipped 0.1 percent, which was the first decline since April 2013. The details also reflected that the inflation has finally crept up in the US. A separate report showed consumer sentiment slipped also in May as households worried about the income. However, these are all treated as temporary events by the traders as the US dipped in early hours of the trade and slowly picked up steam with DOW ending the Friday session at an all time high of 16717 or 18 points up.

However, technically, it is not too good a picture. DOW formed a hangman pattern while it is near the top of the Bollinger band indicating some degree of over-bought. This bring up the possibility that the bears are beginning to doubt that this rally can continue. They sent DOW down 50 points at the start but the bulls could only pull it back slowly over the day until it closed 18 points above Thursday' s close.

As usual, candlestick pattern cannot always be interpreted with just one candle. The trend can only be confirmed if there is a down candle the next trading day. Better if a series of downward candles breaching the open price of Thursday' s candle at 16,637.