US stocks slight weaker on the last day of a strong quarter

Major US equity indices opened slightly lower on Friday as investors found little in-terms of any fresh catalyst to continue pushing the markets higher, especially after the recent rally back closer to record high levels. 

At the time of writing, the Dow Jones Industrial Average (DJIA) was down around 40-points to 20,690, while the broader S&P 500 Index lost 4-points to 2,364. Meanwhile, tech-heavy Nasdaq Composite Index retreated nearly 10-points from record close on Thursday and was inching back towards 5,900 mark. 

Despite of today's mild retracement, all the three major indices remain on track for solid gains for the first quarter of 2017. 

Meanwhile, the incoming US economic data continues to point towards solid fundamental for the US economy, with the latest government report showing the biggest annual increase in nearly 5-years and remained supportive of market expectations for additional Fed rate-hike move during the course of 2017.

Technical outlook

Carol Harmer, Founder at charmertradingacademy.com writes, "The DJI hit the 61.8 @ 20758 and retreated....currently at 20684...we look to where it opens this afternoon....If we can stray depressed below 20758 we look for 20622 to 20611....We may well see profit taking there...so bear that in mind...however a break below 20590 sees 20540 to possibly 20520....Again below here leaves 20435 once more exposed...Above 20758 and we have 20829 to 20851 as a realistic target...."