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 had another negative session, and the worst part of the day was in the morning, when the indices opened lower and sold off sharply, taking out several layers of support, bouncing mid-morning but failing at resistance and selling off into mid-afternoon.
The indices had a narrowly mixed day today with the S&P 500 flat at the close and the Nasdaq 100 down just a small fraction. Only the Dow managed to have a decent gain today, but even that was way off the earlier high.
The day started out with a move down and a bounce-back off support. Support was broken fairly quickly and they edged lower for most of the morning in a rather orderly decline that looked corrective.
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