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 ended with an up-session on Wednesday, particularly on the blue chip side, when they came back in the afternoon to close near the highs for the day.
Today the Fed raised interest rates again. As a result, we got the usual mid-day action, but they ended up to the downside today despite a post-Fed announcement rally attempt.
The indices had a slight down-day today, but a very distinct trend developed intraday with declining tops and bottoms and a very distinct down-channel.
The indices did manage to get to the plus side today, but considering the sell-off of the end of last week, it was a rather poor performance by the bulls.
The market, which yesterday rallied strong mid-day and failed right at resistance late in the session, followed through to the downside today and sold off steadily all day.
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