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."
After half a week of sharp gains the indices pulled back and consolidated today. Harry Boxer is waiting to see if follow-through is to the upside or downside next week.
The indices ended on a very positive note after some session volatility that saw the indices up sharply in the morning, down sharply in mid-afternoon, and then back sharply higher in the closing hour.
The indices plunged late in the session, taking out trendlines and support levels. The NDX tested last week's lows, and the S&P 500 is now at its lowest level since just after the August lows.
The indices did nearly a compete and full retest of the recent lows on the S&P and Dow and made a higher low on the Nasdaq. Tomorrow is options expiration day and anything may happen.
Only a last 5-minute rally brought the indices off the actual exact lows for the day. But in the process of doing that, support was broken, and they will need to stem the tide near current levels if they want to preserve the rally.
The indices are now extremely stretched to the downside and oscillators very oversold. RSI and stochastics and MACD on the major indices are in very oversold territory, so Harry Boxer is expecting a strong snapback rally sometime in the next 24 hours.
The market was extremely negative in the morning. By mid-day they reached the session lows, and then had sharp a 3-wave snap back advance followed by a late pullback that pulled them off the rally highs.
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