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.
Economic numbers on Friday came in near forecast. Consumer Sentiment came in at 100.1, when it was forecasted at 100.5. Equities opened slightly lower, but then rose through the morning hours. The afternoon saw the major indices slide lower and by the final bell they were little changed and mixed.
The big news on Friday was the SEC investigation into Tesla (NASDAQ:TSLA). TESLA was down nearly 14% by the close. Last week we also saw the FED raise rates, which had the 10YR moving higher and ending the week at 3.06%. For the week, the Dow was down 1%, the NDX off 1.2%, and the SPX falling 0.5%.