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 broke key support and now are approaching the November lows on the Nasdaq 100 and the late November gap on the S&P 500. They may be tested as early as tomorrow morning.
It looked to Harry Boxer as if a short-covering snapback rally occurred this afternoon. There's still a lot of resistance to overcome until he can say the trend is continuing higher.
Serious technical damage was done this afternoon after the FOMC lowered rates, as price support and moving averages were violated and trend lines severely tested on the hourly charts.
The rally stalled today and ended with a mixed session. Harry Boxer is waiting to see if the indices are just consolidating before more year-end gains, or whether they can come down early next week and break support.
The importance of today's session was that key overhead and formidable resistance on the S&P 500 was taken out, and the Dow managed to get back over 13,600, closing near 13,620 today.
A very strong breakaway gap took out the 3-day downtrend which augurs very well for future price progress, and it certainly appears that the year-end rally is on.
The indices tested key support and held, so it remains to be seen whether there's more downside to come or whether they can snap out of this 3-day decline.
The indices started out the week with a down day, but the morning was a little bit different. They opened with a muted 5-wave rally and failed at declining tops line and lateral price resistance, particularly on the Nasdaq 100. By mid-day when they failed to accelerate to the upside, they started rolling over and basically went lower for the rest of the session with a few bounces in between.
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