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 an up-session, but after the initial thrust they pretty much meandered sideways in a consolidation pattern but what I would consider a bullish one. However, Nasdaq lagged today and the Philadelphia Semiconductor Index (SOXX) was actually down on the session.
The indices ended the week on a weak note, closing near the lows for the day. That came after a very strong gap at the opening. based on positive earnings from Microsoft (MSFT).
The indices continued the big reversal of yesterday early on in the morning, but then went into a healthy-looking sideways consolidation; Harry Boxer would not be surprised to see them extend once they break out above the top of the range.
The markets had a sharply lower start and a huge spike down, taking most of the indices to sharply lower levels and many of the technicals to levels not seen since 2002. They did manage to rally sharply off those lows after the Fed cut rates by three-fourths of a percent today, and took back a big chunk of the losses.
It was a brutal down-day today, following up on yesterday's late pullback, as the indices closed near the lows for the day going away, with the Nasdaq 100 breaking 2-day support right near the close.
The trend and momentum of the major indices are still down, futures are showing additional big losses, and Harry Boxer expects a very negative opening and additional losses tomorrow.
The overall developing patterns on the indices look like potential bottoming patterns. Until key overhead resistance is taken out, the direction is still in doubt.
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