The indices had a nice follow-through in the morning, and it looked like they were on their way to a strong session, but they pulled back mid-day, as I had expected in my early notes, and then a several hour consolidation took place. But when they failed to break out mid-afternoon, they rolled over and accelerated to the downside, taking all the indices back into the negative column.

The Dow, in fact, closed nearly 200 points off its high, down 46.50 today. The S&P 500 was 25 points off its high, down 11.88, and the Nasdaq 100 about 30 points off its high, down 5.77. The Philadelphia Semiconductor Index (SOXX) closed down 5.41, and ended a negative day on the Street

The technicals confirmed, with advance-declines 3 to 2 negative on New York and about 4 to 3 negative on Nasdaq. The up/down volume, however, was more than 2 to 1 negative on New York with 1.5 billion traded and a little less than 2 to 1 negative on Nasdaq with a total there of a little less than 2.1 billion.

TheTechTrader.com board was mixed but mostly negative. The shippers today led the way on the downside and were non-responsive, even to the morning rally. DryShips (DRYS) fell 5.10, TBS International (TBSI) 57 cents (although that was more than 2 points off the low), and Excel Maritime (EXM) down 75 cents.

Other losses of note, Aluminum Corp. of China (ACH) was down 1.96, Converted Organics (COIN) 1.63, and China Finance Online (JRJC) 1.05. Sigma Designs (SIGM) closed down 1.39, but is trading lower in the aftermarket, as earnings slightly missed, although revenue did beat.

There were large fractional losses in Taser (TASR) down 87 cents, MBI down 59 cents, Energy Conversion Devices (ENER) 47 cents, Cepheid (CPHD) 80 cents and ABK down 87 cents in a weak financial services sector.

On the plus side, there were few fractional gainers, and mostly on the solar side. Akeena Solar (AKNS) at 6.71, up 80 cents, was the standout. JA Solar (JASO) was up 35 cents but 1.40 off its high after announcing strong earnings. Nuance Communications (NUAN) was up 38 cents, and portfolio positions Nextwave Wireless (WAVE) gained 26 cents today.

Exide Technologies (XIDE), continuing to 3-year highs, was up 47 cents to 11.89.

Stepping back and reviewing the hourly chart patterns, the indices ran up near overhead resistance, particularly on the Nasdaq 100, in the 1765 area and then gave back a big chunk as it headed lower in the afternoon. The S&P 500 did the same, backing off the 1333 session high and closing at 1308.

So, a disappointing day for the bulls today, but a retest might have been expected and at least a consolidation was due. We'll see if they can right themselves and hold support at the hourly moving averages right now in the SPX 1300-02 zone and the 1715-20 area on the Nasdaq 100.

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.