The markets got exactly what I expected today: a mark time day. The market was a little volatile in the morning. They opened sharply higher, immediately went lower and sharply so, particularly on the NDX; but the S&P 500 did not confirm that new low and they rallied sharply and snapped back very sharply, going to the session highs on the S&P 500 and morning highs on the NDX. Then they meandered slowly lower in a coil-type pattern and had a very quiet lull with about an hour to go, and then suddenly took off and surged to the upside, with the NDX making nominal new highs. The S&P 500 did not confirm that. Over the last couple minutes they did back off a bit, but ended positive on the session, except for the SOXX.

Net on the day, the Dow was up just 6 1/4, the S&P 500 up 3 1/4, and the Nasdaq 100 2 1/2. The Philadelphia Semiconductor Index (SOXX) was down 1.20, but nearly 4 points off the low.

The technicals were positive by 5 to 3 on advance-declines on New York and 4 to 3 on Nasdaq. Up/down volume was 3 to 2 positive on New York on light volume of less than 1.1 billion traded. Nasdaq was bit lighter, too, trading 1 2/3 billion with a very narrow positive plurality there.

TheTechTrader.com board was active. Many of the Chinese stocks were sharply higher in the morning but gave back a big chunk of it. However, China Natural Resources (CHNR) still ended at 44.26, up 5.01, although that was about 6 points off the high. e-Future Information Technology (EFUT) in the Chinese sector reached as high as 34, closing at 26.40. It reversed sharply lower and was down 5.20 on the day. A new one we're following RCH, was up 2.75 today, but that closed nearly 6 points off its earlier high.

Other gainers of note, Sigma Designs (SIGM) had a terrific session. It surged strongly in the afternoon and closed up 2.95 on 1.7 million, just beneath its all-time high.

Portfolio position Cardica (CRDC) had a late afternoon explosion, moving from 9.30 to 11.25 and closed up 1.87 on more than 1.1 million traded today, a clean breakout over the weekly high. Portfolio position Taser (TASR) was up 1.47 and broke out above key resistance, closing at 18.05. Volume was heavy at 5.8 million.

Portfolio position FuelTek (FTEK) also jumped 1.13 and tagged 27. It backed off just a few cents beneath that at the close, on more than 1 million shares. It had a significant breakout over its 40-day moving average. VMware (VMW) advanced 1.32.

Other stocks of note, Cepheid (CPHD) advanced 31 cents, Auxilium Pharmaceuticals (AUXL) 28 cents, Global Solutions (GSOL) 47 cents, and Nuance Communications (NUAN) 36 cents.

Low-priced ZVUE, which we added earlier in the week at 2.70, jumped a quarter today on 3 1/2 million, closing at 3.25.

On the downside, China Finance Online (JRJC) dropped 3 points off its high and ended down 2.35 on the day, and shipping stock Excel Maritime (EXM) fell 2.13.

Stepping back and reviewing the hourly chart patterns, the indices, particularly the Nasdaq 100, looked promising in terms of the development of a potential minor head and shoulders bottom, and they both managed to close at or above their moving average support on their hourly charts.

Still, we are entering that 2-3 week negative period that has historically been a bad time for stocks, so we may see some downside pressure holding stocks back here.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a free 15-day trial to his Real-Time Technical Trading Diary, or sign up for a free 30-day trial to his Top Charts of the Week service.