The indices certainly got the normal & expected post-FOMC announcement volatility today, but that resolved sharply lower in the later part of the session. However, the day started out with a move up at the start, a consolidation early on, and a bullish one, which led to further gains, as the Nasdaq 100 tagged 1950 in the morning, with the S&P 500 getting up to just under 1400.

But even though the Nasdaq 100 broke out to new rally and multi-month highs, the S&P was unable to confirm. They then came down, tested successfully, bounced and then pulled back again just before the FOMC announced. Right after that occurred the markets were extremely volatile and moved back and forth in a wide range, before plunging sharply, with the Nasdaq 100 dropping from 1954 down to 1913, a drop of more than 40 points inside of 45-50 minutes. The S&P 500, which had shot up to about 1404.55, fell to 1384, and an the last 45 minutes or so they backed and filled in further volatile action, but were unable to rally from there, finally rolling over in the last 10 minutes, with the S&P 500 retesting its session lows.

Net on the day the Dow was down nearly 12 points and 190 points off its high for the day. The S&P 500 was down 5.35 and nearly 20 points off its high. The Nasdaq 100 was the big loser, down nearly 16, but it closed 36 points off its high for the day. The Philadelphia Semiconductor Index (SOXX) ended down nearly 6, about 7 points off its high.

So, many negative reversals occurred.

The technicals were mixed to lower on Wednesday, with NYSE advance-declines ahead by just 180 issues. However, the up/down volume was about 5 to 4 negative. Total volume on New York was under 1.5 billion, and Nasdaq volume was about 2.15 billion, with about a 13 to 8 negative ratio on declining volume over advancing volume. Advance-declines, however, were only negative by about 38 issues on Nasdaq, so it was a mixed session at the close despite the lower indices, but a very disappointing way to finish the day, for sure.

TheTechTrader.com board was also mixed, but there were some solid gainers on the board of note. Portfolio position Canadian Solar (CSIQ) jumped 2.29 to 2 week highs on nearly 2.9 million shares, closing at 27.37, in a generally firm solar group. JA Solar (JASO) in that group was up 85 cents, Solar Fun Power Holdings (SOLF) up 25 cents, Ascent Solar (ASTI) up 18 cents, and Energy Conversion Devices (ENER) up 37 cents, but most of those were substantially higher earlier in the day.

Other gainers of note, Immersion Corp. (IMMR) had an impressive performance and nice follow-through, up 1.16 to 11.29 on 2.6 million. Silicon Motion (SIMO) jumped 1.68 after announcing strong and above estimates earnings, raising its guidance as well.

In the shipping sector, DryShips (DRYS) was up just 38 cents, but TBS International (TBSI) advanced 1.56. On the other hand Excel Maritime (EXM) was off 57 cents, so a mixed picture in the shipping sector today.

Energy exploration company Brigham Exploration(BEXP) gained 49 cents, snapping back today and Trina Solar (TSL) up 64 cents.

On the downside, the only point-plus loser on my board was VMware (VMW), which gave back 1.80. FuelTek (FTEK) lost 60 cents, China Natural Resources (CHNR) 63 cents, China Finance Online (JRJC) 43 cents and Vertex Pharmaceuticals (VRTX) 87 cents.

Stepping back and reviewing the hourly chart patterns, the decisive plunge late in the day, after the FOMC announcement, violated moving average support on the hourly charts, which had held over the two weeks, although they did hold right at yesterday's lows on the Nasdaq 100 and just beneath them on the S&P 500.

So we'll see what this leads to tomorrow, as often the day or two after the FOMC meeting is when the true trend emerges.

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.