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."
A very strong afternoon surge put the indices at new highs, with the Dow making all-time highs, the S&P 500 5 1/2-year highs, and the NDX 5-month highs.
The markets had a wild and wooly session fueled by some comments from the FOMC notes, and net on the day ended up with slight losses after some extreme volatility.
The indices managed to extend the gains. At the close the blue chip indices were up just nominally, although Nasdaq did have a decent day, fueled by the Philadelphia Semiconductor Index (SOXX) index today.
The indices suffered some profit-taking on Friday and ended down on the session with technicals confirming it, but it was a rather muted decline except for the opening few minutes where the markets gapped lower.
Wall Street had another up-session, but the indices only showed minor advances today. It was a fairly broad move, with a solid advance-decline and up/down volume session, and volume was fairly strong, too.
The markets ended at the highs for the day going away. But they did start out with a little weakness in the morning that immediately held initial support, and then they had a very strong surge that took out the 3-day declining tops lines on the Nasdaq and lateral price resistance on the S&P 500.
The indices tried on several occasions to break through this week’s highs, but were unable to do so all morning and drifted in a narrow range for most of the day. In the afternoon when their final rally attempt failed, they rolled over and sold off steadily into the close with a loss on the session.
The market had a negative morning and a very positive afternoon. It held key support and its resiliency kept it going with a very strong close and more net gains for the week.
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