Market technician Dave Chojnacki of StreetOne Technical Analysis kicks off the new trading week with a deep dive into the underlying technicals for the major U.S. averages.
With no major economic news on Friday, traders concentrated on options expiring at the end of the day. The major indices got off to a good start, but quickly began giving up some of those gains. Once again, the Tech sector was weak, and this was reflected in the NDX, as it was the biggest loser of the big three. The loss was small, but left the NDX down 0.1% for the week. Conversely, the Dow Jones Industrial Average was up in the session and hit new record highs. The DJIA also had a good week, finishing up 2.2% for the week. The SPX ended little changed, but to the downside on Friday. During the session the SPX hit a new intraday high. For the week, the SPX added 0.8%. The 10YR moved very little and finished at 3.07%.