The market has spent the past three days crawling up off the lows of late last week following a two-day sell-off. The NASDAQ Composite Index edged back up to regain its 20-dema heading into today’s Fed policy announcement and a predictably dovish Fed statement kept the rally going.
The index led all other major market indexes today with a 1.35% gain. It closed just below the 10-dma on slightly higher volume. Overall, the action remains inconclusive within the context of the NASDAQ’s 2 ½ -week consolidation that began in the second week of July.
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