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 market embarked on a strong afternoon rally fed by rumors of a Fed discount rate cut. Harry Boxer is waiting to see if they can get a follow-through tomorrow, as the indices closed near key short-term overhead resistance, and that may be difficult to do.
Harry Boxer is waiting to see if there's an upside follow-through for the indices, or whether they fail at resistance and roll over to retest the lows or take them out.
Harry Boxer notes that the indices, which broke hard on Friday, often reverse from the options expiration day, but he believes there's likely more downside to come.
With tomorrow being options expiration, Harry Boxer is waiting to see whether the Nasdaq market can pull the blue chips up, or the S&P can pull Nasdaq down.
It was an volatile session on Wednesday with a strong gap up at the opening, a sharp mid-day sell-off, and then a very strong snapback rally in the last hour that brought the indices into the plus column, except for the Dow.
Harry Boxer writes that the market is at a key level and is either set for a break of today's lows and an extension of the down move, or set to stabilize in this area and move higher.
The early part of next week will be very important for this market. If it opens lower and has a bad day on Monday, it could signal further weakness. But today was impressive in terms of the market's resilience.
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