Skittish…
That’s the word that best describes the trading last week. From my perspective anyway...
Though temperatures suggested otherwise, summer officially started last Friday and the market started to reflect the same with a steady decline from the volumes we saw over the spring. While volatility for the week overall was a bit muted (the ES range was 47.25), the intraday trading was both narrow-ranged… and frenetic… though not at the same time.
That said, the stock indices managed to end within shouting distance of the all time highs achieved last week. In fact, the S&P 500 experienced its best June since 1955 up 7.19%... and the best first half since 1997 at +17.4%.
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