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 were particularly weak in the last hour of trading, closing at the lows for the day going away, and it looks to Harry Boxer that the downtrend is now underway in full force.
A late strong rally broke the indices out across 5-day declining tops lines, lateral price resistance, and moving averages, and tomorrow Harry Boxer will be looking for a strong follow-through.
The indices did do well today by testing several times and holding support without breaking to lower levels. But they still have overhead resistance to contend with and are far from out of the woods.
The indices closed very negatively and took out several layers of support today. Harry Boxer thinks a strong downside follow-through may be forthcoming.
The indices, particularly the Nasdaq 100, exploded to new multi-year highs in a very strong post-FOMC reaction. Harry Boxer always waits to see a day or two after the FOMC announcement, when the true trend of the market will usually assert itself.
The markets had a very interesting session technically, with the Nasdaq-100 making new seven-year highs and the S&P 500 failing again to confirm, actually having a negatively diverging session.
Over the last three sessions, the indices were bouncing back and forth roughly between 2140 and 2200 on the Nasdaq 100 and between 1490 and 1520-23 zone on the S&P. Harry Boxer feels it's going to remain within the confines of those trading ranges until next week.
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