Editor’s note: Serge Berger, the head trader and investment strategist for The Steady Trader, will be providing the Daily Market Outlook until Sam Collins returns on June 27.
Quadruple witching Friday came and went, and although trading was choppy and unpredictable intraday, the broader picture hasn’t changed much. Stocks closed up marginally for the day on Friday, and in the case of the S&P 500, eked out the first weekly gain in seven weeks. Small caps, as measured by the Russell 2000, also closed the week in the green, but the tech-heavy Nasdaq recorded losses for the third week in a row.
The doji on the weekly chart of the SPX doesn’t mean much for the bulls unless we get upside confirmation in the way of a good rally next week.
As a reminder, on the daily chart, we bounced off the 200-day simple moving average (SMA) Thursday, with little meaningful follow-through on Friday.