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 difficult day and ended not far from the lows for the session. The day started out with back-and-forth volatility in the morning.
The indices started out with a little burst to the upside, right to resistance, failed, and came down hard in the morning, set new lows on the S&P 500 for 2005.
The markets had a very disappointing day. Again, the indices failed to flow through resistance and sold off in the afternoon, which has been the pattern this year.
The markets gave it a valiant try to rally strongly today, but they just couldn't hold it, and in the afternoon they drifted lower for the rest of the session.
For the second straight day the market gapped up and then went down for the rest of the session to close very poorly, although we did get a last-hour bounce off of a very steep oversold intraday condition bringing the indices off the session lows.
The markets ended near the lows for the session, but the day started out very differently, with a gap-up in the morning and a quick run to new S&P highs.
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