The markets were volatile today, but ended near the flat line at the close, with just very minor gains for the day.   The day started out with gap up and the indices then rallied strongly.  The Nasdaq 100 got right to last Wednesday's snapback high at around 1589.  The S&P had a minor breakout, but fell far short of last week's high, and then rolled over very sharply after the first hour or so of trading and came down hard.  The Nasdaq 100 dropped from 1589 to 1566, and the S&P dropped from 1229 to nearly 1216 in just a two-hour period. 

At the end of the lunch hour, the indices bounced to resistance, backed off and consolidated, and then came on again at the close, but closed right at key technical resistance.

Net on the day the Dow was up less than 11 points, the S&P 500 was up a tad over 2, the Nasdaq 100 less than 2, and the SOX Index was up 5.45.  If it wasn't for that, Nasdaq definitely would have been down today.

The technicals were positive by 5 to 3 on New York and a little less than 3 to 2 on Nasdaq.  Up/down volume was a little more than 7 to 5 positive.  Total volume was 1.2 billon on New York.  Nasdaq was a little less than 2 to 1 positive.  Total volume was about 1 1/3 billion.

TheTechTrader.com board was mixed.  There were some outstanding issues today.  Chart of the Week ID Biomedical (IDBE) advanced 1.86 and was more than 80 cents higher than that earlier in the session.  Volume there was a very strong 1.9 million.  Former Chart of the Week Kendle International (KNDL) was up 1.42.  Meadow Valley (MVCO) was up 87 cents,  ViroPharma (VPHM) wup 59 cents, Forward Industries (FORD) 75 cents, Escalon Medical (ESMC) up 42 cents (another Watchboard position), Energy Conversion Devices (ENER) up 40 cents, and Dynamic Materials (BOOM) snapped back 73 cents today.

Low-priced Bookham Inc. (BKHM), also a Chart of the Week this week, was up 22 cents today.

In the large-cap sector, Broadcom (BRCM) advanced 56 cents, Intel (INTC) 41 cents, and the SMH as a result up 53 cents.

On the downside, no stocks of note were down more than a quarter of so.

Stepping back and reviewing the overall patterns, the five-week downtrend on the Nasdaq 100 not only continued today but made a new low for the entire decline, reaching as low as 1566, about 65 points off the highs made in early August.

The S&P 500 did not make a lower low today, nearly equaling last Thursday's low, at which point it bounced.

So we have a non-confirmation so far from the S&P, in terms of confirming the Nasdaq new low.

But overhead resistance needs to be worked through, and right now the trends remain down on both indices.

Good trading!

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.