Thanksgiving Week Starts Weak

Monday, the general market opened slightly up, and then it entered a range for most of the day. In the afternoon, there was a small sell off, but no real damage was done.  This is Thanksgiving  week, so we could see more uneventful action this week.

Today was a narrow range day; the day's range for the S&P was only 7 points, not a big spread. The S&P fell -2 points (-0.13%),and the Dow closed up +7 points (+0.05%). 

The Nasdaq gained only 2 points (+0.07%) but managed to hit a new 13 year high of 4,000. However, the Nasdaq backed off its new high, not a sign of strength. The Nasdaq's ADX is 14, quite low, so the market is likely to continue in a range condition until there is more price strength and the ADX begins to rise.