Harry Boxer has more than 30 years of Wall Street investment and technical analysis experience, and he spent eight years on Wall Street as chief technical analyst with three brokerage firms. Mr. Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders. Mr. Boxer is currently author of "The Technical Trader" and "The Technical Trading Diary" on the financial website The Technical Trader. He is a regular columnist on ADVFN, Stockhouse, and DecisionPoint, among many sites, and a regular guest on WinningOnWallStreet, Marketviews.tv, KFWB-Radio Los Angeles, and more. Mr. Boxer is a frequent guest columnist at CBS MarketWatch, and has been featured on CNBC, Futures Magazine and Technical Analysis of Stock & Commodities magazine. Mr. Boxer won both the 1995 and 1996 worldwide Internet stock market trading contests, "The Technical Analysis Challenge."
The indices ended narrowly mixed, although the session was very different in the morning. They had a sharp move off the get-go that faded quickly and retested the lows successfully.
The markets experienced a definitive down-day follow-through session, very similar to yesterday's session. The indices once again gapped down, once again bounced in the morning, consolidated and then went lower and hit the session lows around mid-day.
The indices ended the week on an upbeat note with the Nasdaq 100 near unchanged. But the session was remarkably similar to yesterday when they opened very strong on a gap-up, had an early morning surge and then pretty much consolidated for the rest of the day. That’s what occurred today, with a bit more of a downward bias from the session highs.
The indexes had an extremely strong session, particularly late in the afternoon after the FOMC minutes were released. The initial reaction to that was negative, but they quickly reversed and exploded strongly higher all afternoon, closing at the highs for the day going away.
The stock market closed down on the day and had a definitive afternoon decline. The indices closed right at key support, and the next day or two may be critical to the short-term direction of the market. If they do not hold these levels, we could see a much deeper retest of lower levels.
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