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 markets had a session that appeared stronger than it was. On a day where the Dow was up 44 points and technicals were very poor by better than 2 to 1 negative on advance-declines and up/down volume, the Dow's strength masked the weakness of the market today.
The indices had one of their best sessions of the year, if not the best, with a very strong gap-up in the morning, a pullback/retest that was successful, and then a 3-wave rally for the rest of the day, only interrupted by a mid-afternoon pullback that was also successful in testing support. The indices then surged strongly into the last 90 minutes, closing at the highs for the day going away with a surge and what looked like blow-off type action.
The indices ended positively to start the week, with the Philadelphia Semiconductor Index (SOXX) leading the way today. But the session was choppy, especially in the morning.
The indices had a mixed session with the NDX in particular being very strong today, fed by the Philadelphia Semiconductor Index (SOXX), up nearly 5. But the Dow was down and the S&P 500 ended near the flat line.
The indices had a topsy-turvy day, particularly in the late afternoon part of the session. The end of the month, end of the quarter and end of the mid-year created a lot of late action.
It was an interesting but weird session on FOMC announcement day. The indices were firm for most of the morning, and going into the announcement were near the highs for the session.
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