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 indices had a terrific start to the day with huge high pre-market futures . They gapped up big, ran briefly and then reached their highs for the day within 15 minutes of the opening. From there on it was all downhill.
The stock market staged a rebound rally on Wednesday. The indices were up nicely for most of the session, then gave back a chunk of it going into the last 20 minutes or so, and then rebounded towards the close to add to the gains.
It was quite a negative way to start the week and not a good sign for the bulls, although key support at last week's lows did hold in the afternoon part of the session.
The markets were mixed at the close on Thursday. After a brief rally in the morning, they went to lower lows on the Nasdaq 100, in fact the lows for the entire 5-day pullback.
The indices managed to right themselves and end up positive on the session, but it was a seesaw day and we had a couple tests of support that held in the afternoon.
The indices had a solid up-session on Thursday, although volume was light on the New York Stock Exchange, just under 1 billion shares in what seems to be the dog days of August setting in.
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