Stock Market Commentary: Market Pause

For most indices it was a relatively disappointing day as early gains disappeared by the close, although market leader Russell 2000 got very close to new highs for 2010 and finished the best of the indices. For Wednesday this is the index to watch.

For the likes of the Nasdaq the day finished with indecision, marked by the doji/gravestone doji. Given overbought conditions this may be interpreted as bearish but a close below today's low is required for a possible reaction high (and with the Russell 2000 challenging highs it would appear this is a pause in a broader advance). So no reason to be a seller here - yet.

It was the same story for the S&P

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