Investors got an early fireworks show in the stock market on Friday as the indexes kept chugging higher with the S&P 500 up nearly 20 points in the final hour of trading before the long holiday weekend.

A better-than-expected ISM manufacturing survey for June lit a fire under stocks on Friday.

SPDR S&P 500 ETF (NYSEArca: SPY) was on track to close the week with a nearly 6% gain, but some technical analysts see a classic bearish pattern emerging in the tracking index.

Stock ETFs have run the table, while Treasuries have fallen every day every day this week as markets see the end of the Federal Reserve’s second round of bond purchases, known as ‘QE2.’ [Treasury, Stock ETFs Diverge]

The iShares Barclays 20+ Year Treasury (NYSEArca: TLT) is down 3% for the week, and ETFs that short bonds have benefitted from higher yields. [ETF Spotlight: ProShares UltraShort 20+ Year Treasury]

In particular, yields on 5-year notes have soared this week, punishing ETFs that focus on this part of the Treasury market. [Treasury ETFs Damaged]

In stocks, the bears are licking their wounds after the rally this week, but may be clinging to a potential “head and shoulders” pattern in the S&P 500.

“The S&P 500 is close to painting a perfect head and shoulders pattern on the six-month chart,” writes Scott Rubin at

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