Market Mixed as Nasdaq Leads Higher

Wednesdays market was a yawner; it moved sideways throughout the day and closed midrange. Volume was above average, but lower than Tuesday's volume. The Nasdaq Composite added +17 points (+0.41%) and hit new highs today. The S&P gained only +1 points (+0.06%), and the Dow fell -41 points, making this a day of mixed results.

Still there were many new highs today in stocks, especially in the market leading Nasdaq. NYSE advancers beat decliners by nearly 2 to 1. Up volume edged out down volume by 1.4 to 1. 

The Nasdaq has now closed up on 5 out of the last 6 days and 4 out of 6 for the S&P. The S&P is still in a range pattern,but the lack of downward pressure is considered constructive. Momentum on the weekly timeframe still suggests further upside.