The stock market had a consolidation type session on Wednesday, but at the end of the day closed not far from zero. The day started out with a gap down, but they quickly started a snapback rally and then accelerated to test yesterday's rally highs and the highs for the last several sessions. They backed and filled for a couple hours, and on three different occasions tried to break through but couldn't do so. On the third occasion the indices rolled over rather sharply, testing the 3-day rising trendlines on the Nasdaq 100 and taking them out on the S&P 500.

But price support held and they snapped back, much more sharply so on the Nasdaq 100. Late in the session they did pullback once again to close near the flat line, with the Dow up just 9.36 and the S&P 500 down 1.28. The Nasdaq 100 managed to gain 8.63, fueled by the Philadelphia Semiconductor Index (SOXX), which had a positive day, up 4.40.

But technicals drifted to the downside and ended negative on advance-declines by 17 to 14 on New York and by about 15 to 14 on Nasdaq. Up/down volume was dead-even flat on New York on total volume of about 1.45 billion. Nasdaq traded 2.16 billion and had a 13 to 8 positive ratio.

TheTechTrader.com board was mostly narrowly but there were some outstanding point-plus gainers and losers. On the plus side, Mercadolibre (MELI) at 36.63 was up 3.25 on more than 3 1/2 million shares. Sigma Designs (SIGM) snapped back 1.85.

Shippers were generally positive, with DryShips (DRYS) up 1.50 and TBS International (TBSI) 1.25.

Aluminum Corp. of China (ACH) was another strong performer today, up 2.73 to 52.12, continuing its sharp snapback off of recent lows.

Solar energy stocks had a difficult session and were mixed, with Canadian Solar (CSIQ) up 68 cents, but Solarfun (SOLF) dropped 1.85, Ascent Solar (ASTI) 49 cents, and JA Solar (JASO) off 9 cents.

Converted Organics (COIN) snapped back 1.60 off the early low and then backed off, closing up 60 cents on the day.

On the downside, Chindex (CHDX) gave back 1.29, Cree Inc. (CREE) 1.16, and Cepheid (CPHD) 37 cents.

Stepping back and reviewing the hourly chart patterns, the indices backed and filled today and consolidated, were unable to penetrate key overhead resistance, but at the same time did hold intraday support. We'll have to wait and see if today turns out to be the pause that refreshes and we move higher or whether they roll over and take out key trendlines and support levels.

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.