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 markets had a back-and-forth session but ended up positive once again. The day started out with positive pre market futures, but the market didn’t do much more than open firm and then immediately sold off.
The indices had a strong close to the week, other than the semiconductor stocks, and Nasdaq despite that managed to have a strong afternoon, which helped all the indices run late in the session and closed near the highs for the week going away.
The indices had a very interesting session today. The bears had an opportunity to wrest control from the bulls, as yesterday’s steep decline was begging for a follow-through.
The indices had a definitive down-day with a very sharp sell-off in the morning, a mid-day snapback rally which recovered about half the earlier losses & then a sharp rollover to new lows after the FOMC minutes came out. Wall Street pretty much did not like what it heard.
The stock market today vacillated in a narrow range, but the afternoon rally brought them up to the highs for the day and they closed positive on the session. The S&P and NDX had decent gains today, although the Dow had just narrow gains.
The markets had a mixed session to start the week, and the patterns that were formed intraday were a little ominous-looking in that they resembled head-and-shoulders topping-type patterns. But the lows were not taken out and that remains to be seen.
The market activity today can be summed up as a positive session but more of a consolidation-type day. They were up in the morning, down in the early afternoon and back up in the latter part of the session.
The indices had a strong session today but the vast majority of its gains were gotten in the first hour or so. The indices gapped up on strong pre-market futures and within minutes took out initial resistance and ran hard for the first 90 minutes or so.
The markets had a choppy session, but ended on the upside, as an afternoon rally took them off the lows. The day started out with a move up immediately hitting resistance.
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