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 an up-day today on Wednesday. They started out strong from the get-go with a gap-up, ran strongly in the morning right to resistance at the 1500 level on the Nasdaq 100 and the 1278 level on the S&P 500, and backed off, as would be expected, but in a consolidative nature.
Today was a very strange day. The market had three distinct parts of the session: an early drop, strong mid-day rally, and then a late drop that basically brought them back to flat on the session.
The indices had a strong rally late in the session that brought the indices up near the morning highs on the NDX , took out the morning highs on the Dow and S&P and ended not far from the highs for the day. A last 15-minute pullback brought them off the highs.
The markets had a very negative follow-up to yesterday's sharp rally, and other than the opening burst, the indices moved lower, in a distinct downward channel all session and closed at the lows for the day going away.
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