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 suffered a down session on Wednesday, but it was much different in the morning. The market opened positive, backed off , held support and then had a strong surge to new rally highs, crossing 1870 NDX and 1378 S&P. Those levels happened to be right near formidable intermediate resistance and the indices backed off from there.
It was a rather listless and dull session despite the fact that the indices ended to the plus side and that technicals weren't bad. Overall volume was about average, maybe a tad less. There was some volatility, but within a narrow range.
The markets suffered their third straight down-day and ended poorly at the lows for the day going away after cracking session support late in the afternoon.
The indices had a solid follow-up session to last week’s surge, and you got key breakouts on most of the important indices. Only an afternoon pullback prevented them from closing at session highs, but they held on a big chunk of the gains.
It was another huge session. That's three in a row, with a negative one sandwiched in between, but a good way to close the week. The indices exploded in the afternoon, squeezed the shorts right into the close, and closed at the highs for the day going away.
The indices started off well enough, but ended extremely negatively at the lows for the day going away. The day started out with a little bit of a gap up. They ran to new rally highs, then pulled back sharply but held initial support at the intraday moving averages, and then rallied back to try to take out the high point.
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