Tag Archives: nasdaq

Major averages fell on an overall uneventful day as investors await the Federal Reserve’s decision on a possible rate hike this Thursday. Volume was lower partly due to the start of Rosh Hashanah, the Jewish New Year. The markets are wedging higher suggesting a retest of lows over the next several days could be in the cards. In particular, the NASDAQ Composite is forming an “ascending wedge” formation, and a high-volume breach of the lower boundaries of this wedge at around 4757 would be a bearish development to keep an eye out for. Meanwhile, China’s stock market was down once again on concerns of its slowing economy. It too could retest lows as it remains in a steep downtrend which in turn would act as a drag on US markets. A cautious approach is advised.