Market Ends Mixed

The first day of May ended with mixed results and didn't provide investors with a clear indication of where the market is headed. The Nasdaq rose +12 points (+0.31%) on higher volume, but the S&P ended almost flat on lower volume. The Dow fell -21 points (-0.13%) on lower volume. Advancers beat decliners a slim 5-to-4 margin, and up volume beat down volume by a sliver. 

At the close, the Nasdaq closed midrange (indecision) and below its 50 EMA. This makes the index still vulnerable to a retest to the 200 SMA. A pop above the 50 EMA would be a strong signal that the market is ready to go higher. 

The S&P had an opportunity to breakout to new all time highs, but today it closed midrange (indecision). While it is above its 50 EMA, it is stuck in a daily range pattern, and a breakout will need high volume to prove that the S&P is not simply testing back and forth in the range pattern.