Markets Ends Mixed But Risk of Correction Looms

On Thursday, the market basically went sideways. Sideways days are an opportunity for the BIGs to sell or accumulate stock shares without showing their hand. The market moves in both directions, and it is hard to read the conviction of the BIGs. By the end of the day, the market indices closed mixed. The Nasdaq closed down -9 points (-0.23%) and the S&P gained less than a point (+0.03%). Volume was less on the the Nasdaq, but higher on the S&P. 

Advancers beat decliners by a small margin, and up volume slighted edged out down volume. The advance/decline difference closed at 117, not strong. This was not a day where any real conclusions can be drawn. Investors will be waiting to hear the December jobs report to be released tomorrow.

NOTE: WARNING of Potential MARKET CORRECTION:

If tomorrow (or in the next couple days) the Nasdaq drops under 3,540 on higher volume, pay close attention. If it drops under 3,512 on higher than average volume, we're probably in a correction. However, if the market makes a strong move above 3,592, then the uptrend is continuing.