A Day Telling Us Little

On Wednesday, the market fell off of the open, and then it ranged sideways for the rest of the day. This was a day when the BIGs sat mostly on the sidelines. All three major indices declined on the day.

The Nasdaq Composite gave back -34 points (+0.83%) after gaining +39 on Tuesday. The Nasdaq also closed -5 points below Tuesday's low, giving the edge to the bears. In contrast, the S&P and Dow both had inside days (indecision). The S&P lost -4 points (-0.22%) and the Dow declined -12 points (-0.08%). 

Volume was lower across all three major indices. Advancers beat decliners by a slight 5-to-4 margin, while up volume was even with down volume. Breadth for the day was weak in both directions, not strong enough to create range expansion to the upside or downside. This was  day that did not provide much information on the short-term direction.

Tomorrow's economic reports: Initial jobless claims, continuing claims, durable goods