The indices had a very negative session to end a volatile week. They started off with a gap down and went lower all morning. They did try a mid-morning bounce that nominally took out minor resistance on the S&P 500, but when the NDX failed to confirm they rolled over and sank for most of the session, accelerating into the beginning of the last hour. Then they snapped back in the last half hour, after the NDX successfully tested 1900 twice and the S&P tested 1395 as well. But a late 5-minute pullback brought them back off the rally highs.

Net on the day, they were down 247 on the Dow, 19.31 on the S&P and nearly 41 on the Nasdaq 100. The Philadelphia Semiconductor Index (SOXX) went to a 4 1/2 year low, down 8.66 today.

The technicals were negative by 2 to 1 on declines over advances on New York, and by 2 1/2 to 1 on Nasdaq. Up/down volume was nearly 3 to 1 negative on New York and 3 1/2 to 1 negative on Nasdaq. A total of 1.7 billion was traded on New York and 2.35 billion on Nasdaq.

TheTechTrader.com board had some volatile moves both up and down. On the plus side, Origin Agritech (SEED) jumped 2.05 to 10.91 on 7 1/2 million. Converted Organics (COIN) jumped to 8.70, up 1.51 on more than 1 million shares. The only other point-plus gainer on our board was DryShips (DRYS), which gained 1.64.

Among the ultrashort ETF instruments, the QID was up 1.42 and the SDS up 1.14, as would be expected on a down day.

Among other gainers of note, Akeena Solar (AKNS), one of our portfolio positions, gained 57 cents. Cardica (CRDC) jumped 79 cents, Ascent Solar (ASTI) 31 cents, Chindex (CHDX) 35 cents, and Dendreon (DNDN) 24 cents.

On the downside, multiple point-plus losers included Sigma Designs (SIGM), which gave back 3.47 today on 1.8 million. Solarfun (SOLF) was down 2.42, Energy Conversion Devices (ENER) 1.38, Cree Inc. (CREE) 1.62, Canadian Solar (CSIQ) 1.35 and DG FastChannel (DGIT) 1.27.

Stepping back and reviewing the hourly chart patterns,, the indices nearly retested the lows on the Nasdaq 100 today before bouncing, substantially higher than that on the S&P 500.

So an ugly ending to a nasty week, and they may not be done yet to the downside, although there is a possibility they may try to base out at this level, which is short-term critical to the indices. Any movements below Wednesday's lows may have dire consequences for future prices.

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.