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 market vacillated in a range today, but the indices started out with a down move followed by a bounce back that looked like bear flags. Despite the fact that the Nasdaq 100 made a nominal new high, the S&P 500 was far from it and couldn't confirm.
The day started out with a gap down, quickly started a snapback rally and then accelerated to test yesterday's rally highs and the highs for the last several sessions.
The indices had another sharp gap up at the opening, and then reached their highs early on in the first few minutes, and then after reversing sharply stair-stepped their way all day with a few bear flag formations in between.
The stock market indices came back from the abyss this morning, as they held near key support and rallied back towards the end of the day to key overhead resistance.
It was a very nasty negative mid-afternoon reversal on Wall Street today with the stock market indices closing near the lows for the day going away and with ominous downside implications for testing lower levels.
The indices had a mixed session at the end, but it started out a lot differently. They opened lower, bounced sharply, failed at resistance, and went steadily lower until mid-day when they severely tested key short-term support.
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