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 mixed session on Tuesday with the blue chips higher and Nasdaq lower chiefly due to the Philadelphia Semiconductor Index (SOXX) index putting pressure on them all day.
We had a pretty narrow session ahead of the FOMC meeting on Wednesday and we may get more of the same tomorrow. But it can be considered a solid consolidation day of the gains last week and perhaps setting up further gains later this week.
It was a very strong session, particularly for the blue chips, which ended the week on a very high note as the Dow and S&P 500 both closed at new multi-year highs. The Nasdaq 100 continues to trail, but still had an up-session and held support on two tests intraday today.
The markets had an upday on Thursday and the vast majority of gains were set in the first half hour. The rest of the day was spent consolidating and backing and filling in a constructive manner.
Today was a consolidation day on Nasdaq after the opening gap-up. But the S&P 500 and Dow did trend higher and we had a positive day net at the end of the session.
The markets had a very nasty end to the session after a sloppy sideways consolidation. When the market failed to rally and CNBC reported that the market has misinterpreted Bernanke's comments last week about potentially ceasing the Fed raises, the market literally plunged.
The market had a strange session, but it certainly closed to the positive side price-wise and on heavy volume, however underlying technicals did not support it.
The indices suffered another down session on Tuesday, as the day started out with a brief bounce which rolled over into a sharp sell-off that successfully tested yesterday's lows.
The markets had a down day, though just marginally so, and we did get the snapback rally I was looking for. But it came after the market was lower in the morning.
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