The bears finally had their day today. As we indicated yesterday, the market often shows its true trend the day after the Fed meeting, and it's almost wise to ignore what happens immediately after the announcement. Obviously yesterday's sharp dip and late sharp rally was reversed and then some today as the indices opened sharply lower, had a very negative morning, bounced around mid-day, consolidated and then went lower in the afternoon in a sharp, three-step decline, plunging in the last hour, particularly, closing near the lows for the day going away.

Net on the day the Dow was down 362, the S&P 500 nearly 41, the Nasdaq 100 nearly 42, and the Philadelphia Semiconductor Index (SOXX) down more than 8.

The technicals were with extremely weak with advance-declines negative by 7 to 1 on New York and by about 5 to 1 on Nasdaq. Up /down volume was nearly 19 to 1 negative on New York and nearly 6 to 1 negative on Nasdaq. Total volume on New York was about 1.7 billion, and Nasdaq traded about 2 1/2 billion.

TheTechTrader.com board was extremely red, and other than the short ETF instruments, the DUG, QID, and SDS, only 1 stock on my board was up even a penny. GigaMedia (GIGM) advanced 9 cents, managing to avoid the blood bath.

Leading the way to the downside, Aluminum Corp. of China (ACH) dropped 5.22. Shippers were hit as well, with DryShips (DRYS) off 2.11, Excel Maritime (EXM) down 3.16, and TBSI 2.14.

VMware (VMW) dropped 2.59, Home Inns & Hotels (HMIN) 2.39, Global Solutions (GSOL) 1.51, Cepheid (CPHD) 1.59, China Medical Technologies (CMED) 2.39, Chindex (CHDX) 3.03 and the XLE 1.98. Boxer Short Constellation Energy (CEP) dropped 1.29.

As mentioned earlier, the big gainers today were the SDS up 2.45 to 52, the QID up 94 cents to 34.98, and the DUG up 1.47 to 40.77.

The indices closed very negatively and took out several layers of support today. Obviously, a strong downside follow-through may be forthcoming.

We'll have to see how the indices react tomorrow morning, but today was a very bad day for the bulls.

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.