The market moved higher once again today, but during the last half of the day stocks lost ground.  The NASDAQ McClellan Oscillator moved down 5 points to finish at a +57.  This indicator had the second day of relieving overbought conditions.  The only concern I had today was higher volume.  It is not a huge concern, but here is my point, from IBD.

Volume rose across the board. But much of the trading took place as the market slid, a negative sign for the market.

Normally, higher volume on a day when the market climbs is encouraging. But the swelling volume as indexes retreated cast doubts.

In fact, the indexes’ lackluster gains in higher volume resembled stalling action.

Right now, I am going to call this resting action.  I will keep a close eye on tomorrow’s action.