The indices had a very interesting session, particularly at the very end when it got hammered, yet they still ended positive on the day except for the Nasdaq 100.

The day started out with a gap up, then a strong rally in the morning that took the Nasdaq 100 above 2025 to new 4-month highs. The S&P 500 at that point made it to 1416, but still some 6-7 points from taking out the earlier month highs in the 1422-23 zone. They then backed and filled in a very bullish-looking consolidation, took off in the afternoon making new highs, and this time the S&P was participating, getting up to just over 1420, but still falling a couple points short of taking out the resistance highs. When the indices failed to push any further and got that non-confirmation from the S&P 500, they rolled over very hard over the last 90 minutes or so. The Nasdaq 100 slipped from 2028 down to 1994 inside of about an hour, and the S&P dropped from 1420 to 1406 and change. So a very steep drop at the end of the day gave back a big chunk of the gains, and in the case of the NDX brought it back into negative territory.

Net on the day the Dow was up nearly 66 points, but almost 100 points off its high. The S&P 500 was up 5.64, but 12 points off its high. The Nasdaq 100 was down 3.31, some 31 points off its high. The Philadelphia Semiconductor Index (SOXX) managed to gain 5 points, but that was 7 points off its high.

The technicals narrowed dramatically in the last hour, with advance-declines on New York closing just 3 to 2 positive. Nasdaq was much worse, with just 26 more advancers than decliners. Up/down volume was 7 to 4 positive on New York and about 4 to 3 positive on Nasdaq. Total volume was a light 1.15 billion on New York, but almost 2.1 billion on Nasdaq.

TheTechTrader.com board had another terrific session today, with most of our stocks doing very well. Leading the way again today was Canadian Solar (CSIQ) , which jumped about 5 1/2 points off its morning low and then closed up 3.22 on the day on 9.3 million. But many other junior solars had very sharp pullbacks in the afternoon. Ascent Solar (ASTI), for example, reached as high as 18.39, but closed at 16.84, up just 61 cents. Solarfun (SOLF) did have a solid close, up 1.22 at 17.41, but traded nearly a point higher earlier in the day on 10.3 million. A new one we're following, Yingli Green Energy Holdings (YGE) was up 2.85 to 27.19.

Trina Solar (TSL) was up 2.63 to 45.64 on nearly 2 3/4 million, but Energy Conversion Devices (ENER) was down 95 cents today on profit-taking, although reached near its all-time high set 2 Ã,½ years ago earlier in the day when it was more than 2 1/2 points higher.

Other stocks of note on the plus side, the shippers had a stellar morning, but gave back a big chunk of most of their gains. DryShips (DRYS), for example, was up to 103.63, closing at 99.04, 4 1/2 points off its high, up just 84 cents on the day. TBS International (TBSI) was up 2.25 on the day, 1.50 off its high, and Excel Maritime (EXM) was down 1.44, giving back all of its morning gains, closing at 50.66. Emcore (EMKR) had a strong session, breaking key resistance. It ran up to 8.36 and backed off to 8.01 closing up 50 cents on the day.

Portfolio position Digital Ally (DGLY) soared to new all-time highs above 11, closing at 11.06, up 1.33, and China Architectural Engineering (RCH) closed at 8.23, up 2.29, a 41% percent gain , as the AMEX’s leading % gainer today.

Stepping back and reviewing the hourly chart patterns, the indices tagged new 4-month highs on the Nasdaq 100 but couldn't confirm on the SPX, which is now confronting a triple top near the 1420-22. That sharp rollover in the afternoon was an ominous sign, as the NDX gave up all of its gains and then some, and broke below initial support.

However, much more important key support lies beneath, and we'll see if the indices can hold and then resume the advance. Due to cycle points coming in this timeframe and various oscillators and several other technical indicators indicating a potential top may be near, this could be the beginning of a slide that lasts at least several sessions.

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