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 stock market indices had a very strong session breaking out across key declining tops lines and across lateral price resistance early on with a very strong surge in the morning.
The stock market indices had a down day but they did have some volatility. They were sharply lower in the morning, snapped back sharply midday to retest the highs, but once again yesterday’s highs at 1760 on the Nasdaq 100 and 1075 on the S&P 500 proved formidable. In the afternoon the indices backed off in a mini 5-way decline to close down on a session.
The stock market indices started the week on a down note after a morning rally extension took them to higher levels as a follow-through to Friday's rally. But, the indices rolled over in the afternoon in a 3-wave decline that closed them near the session lows.
The stock market indices had an extremely volatile session Friday, but at the end of the day a strong late-afternoon, short covering-fueled rally spiked the market up and put them back in the plus column.
It was an interesting session today, as the blue chip indices were lower in the morning, and basically moved sideways the rest of day to end down on the session, while the Nadsaq 100 stair-stepped its way higher all day and closed not far from the session highs.
Tuesday was a very good follow-up to Monday's recovery session, as the indices extended their snapback rally from deeply oversold conditions and made some significant progress.
The stock market indices started the week in bullish fashion and rallied steadily, although in a choppy manner. The S&P 500 had 9 separate waves up and down today, but in a rising channel that ended near the highs for the day going away.
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