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 were mixed and deceptively divergent today. The day started out with some back-and-forth action, then a mid-morning pullback that tested support successfully.
The indices had another plus session and closed near the high end of the range for the day, but we had some volatility. The day started out with a big gap-up in the morning that took Nasdaq to new rally highs.
We had a very strong snapback session from yesterday's severe afternoon sell-off after the Fed announced. The buying was relentless, particularly all morning.
The indices were mixed at the close on Monday, but mostly lower. The day started out with a move up on Nasdaq, but a move down on the S&P 500 and Dow. That diversion caused a mixed picture early on. They did try a mid-day rally but failed to take out the highs and then rolled over in the last hour or so.
The indices had a down-session and most of the damage was done in the first hour. The day started out with a move down right at the get-go. A slight bounce failed to provide any thrust, and then they sold of rather sharply and reached the lows for the session after only an hour.
It was a choppy session as the markets rebounded back from yesterday's steep losses, and a late afternoon rally brought them up to near their best levels of the day.
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