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."
Despite vacillations and volatility today, the indices did manage to end higher and move above the declining moving averages on the hourly charts. Harry Boxer is waiting to see whether the markets can have additional follow-through tomorrow.
Formidable overhead resistance on the Nasdaq 100 and S&P resistance near current levels are what Harry Boxer will be keeping an eye on to see what additional progress the indices may be able to make.
They say the first week often dictates the trend of the first month, and the first month dictates the trend for the year, Harry Boxer notes, so it's certainly a very bad start to the year for equities.
The market has remained in a trading range over the last couple of sessions, and those are the levels Harry Boxer will keep an eye on over the next few days.
After very bullish morning flag-type consolidations, the indices broke out in the afternoon and closed with a bang at the highs for the week going away. Harry Boxer notes that a very strong year-end rally is apparently underway.
Harry boxer notes that there appears to be a 2-day head and shoulders bottoming pattern forming. The neckline at 2040-41 NDX and at 1460 SPX will be surely tested tomorrow. If that's broken they could reverse the recent 5-day decline and snap back to test higher levels.
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