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."
We had a bullish day today and the indices closed not far from the highs for the day and near key overhead resistance. If they break through here, the market can have a very substantial rally, but the battle of the bulls and bears continues.
We had two very distinct parts of the session. The early part of the day was nasty. The market gapped down, rallied to resistance and failed, rolled over and made new lows, but then had a strong mid-morning rally which took us back to resistance at the earlier highs.
We had a very nice follow-up session to yesterday's rally, and the indices closed near the highs for the day and the highs for the week, with the S&P and Dow right near their 2005 highs.
The markets generally had an up-day, but the Nasdaq was held back by the SOX and was barely ahead today despite the blue chips having a better session.
It was an extremely negative day on a full moon -- it's amazing how often the market does that. The indices had a lot of volatility in the morning when they gapped down, went lower, and had a sharp morning rally, particularly on the Nasdaq 100.
It was volatile day but in a narrow range for most of the session, and in the afternoon the market staged a rally that took them back up to retest the morning highs on the NDX and took out the morning highs on the S&P.
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