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.
Market Lab Report - Premarket Pulse 9/15/15
|Published:||15 Sep 2015 13:02 ET|
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2020 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.