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 closed mixed at the end of the session, and the best part of the day was the mid-morning rally that worked its way through the lunch hour, but the afternoon was pretty much a consolidation of the morning rally.
We got pretty much what I expected for most of the day, which was a consolidation of last week's rally. The indices opened mixed, dropped a little bit, and then went to the morning highs rather quickly before fading right near the Friday highs.
The markets had a solid rally try in the afternoon that classically failed right at lateral price and declining tops resistance. They then turned down with a couple hours to go and headed strongly south, closing at the lows for the day going away, sharply lower.
Today was about as dull a Monday as they come. The markets opened with a strong gap-up, but immediately went into a consolidation mode, trying to make higher highs on the NDX but failing to do that on the S&P 500.
The FOMC made its announcement today and that triggered a ton of volatility late in the session, but we had some interesting action in the morning, as well.
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