Today the stock market indexes were able to close with fractional gains or small losses.

Not a bad sign after stocks have had a nice rally so far this week.

Dow Jones Industrial Average (DIA)

The Dow Jones Industrial Average ($INDU) finished basically flat and held above the psychological 12,000 level. In fact it never even tested 12,000 intra-day.

S&P 500 (SPY)

The S&P 500 ($SPY) was down a small 4 points or 0.3%. It too held above its 1,300 psychological level and didn't test it intra-day.

Nasdaq Composite (QQQQ)

However, recently the Nasdaq Composite ($COMPX) has been lagging the other indexes. Today it was flat and is showing resistance at 2,755 on a closing basis. While the Dow Jones Industrial Average and S&P 500 have made new recent highs the Nasdaq Composite is below its recent closing high of 2,766.

If you look at the chart below you can see the Nasdaq Composite has recently been making lower highs and lower lows.

Is the Nasdaq Composite telling us something? Possible a change in the stock market direction? Or is the Nasdaq taking a wait and see approach until we get the jobs report on Friday?

This is something to keep an eye on.

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