12/4/2012-Morning Update

Indices Roll Over After Big Up-Gaps

The stock market indices started off the week on a negative note, although they started off the session with big gaps to the upside, especially on Nasdaq 100. The NDX actually went to new rally highs to just under 2700 at 2695.04. That resistance proved formidable as they rolled over the rest of the session in a down channel, closing near the session lows.

Net on the day, the Dow was down 59.98 at 12,965.60, 122 points off the high. The S&P 500 was down 6.72 at 1409.46, a point off the low. The Nasdaq 100 was down 6.04 at 2671.84.

So all of these reversed and closed near the session lows going away.

Advance-declines were 3 to 2 negative on the New York Stock Exchange, and 13 to 11 negative on Nasdaq. Up/down volume was 2 to 1 negative on New York, with total volume of 638 million shares. Nasdaq traded over 1.6-7 billion and had a little less that 2 to 1 negative volume ratio.