Market Takes a Breather After 5 Up Days

On Wednesday, the market made a higher daily high, but the day closed in the midrange for the day.  After 5 consecutive up days (Nasdaq), today was time for the market to take a breather, moving sideways in a narrow range. The Nasdaq closed up +10 points (+0.24%) while the S&P closed flat (-0.03%). The Dow lost 30 points. 

Advancers slightly edged out decliners and volume was slightly in favor of the bears. This underscores the day's sideways price action. RSI 4 closed at 100, overbought short-term. Price and the 10 SMA will come together at some point, either by price falling or by moving sideways while the moving average catches up.