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 very bullish consolidation day after the big run yesterday. Indices started out positive, then sold off rather sharply but held initial support.
The market suffered a very steep sell-off. They started out with a mixed opening, tried to firm early in the morning, got to the session highs within a half hour and rolled over.
The market started out with a move up at the get-go but that was about it. They sold off very sharply in the morning, bounced around for several hours mid-day in what looked like bear flags, took those patterns out to the downside, and made new pullback lows with about 40 minutes to go.
We had a significant down day in that it started out with a move sharply higher off the opening to new highs for 2006 on many of the indices, but that didn't last more than 20 minutes before they started to sell off, and they sold off very sharply for most of the morning.
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