The indices had a mixed session at the close, but had several intraday swings, starting out with a gap down that sure looked like the indices were in store for a very ugly day. But the early lows held above yesterday's low, and they bounced around in the morning, consolidated and then rallied mid-day to new session highs. They took out yesterday's resistance highs on the S&P 500 and on the Nasdaq 100, but had very little follow-through, rolled over mid-afternoon and then bounced back towards the close, closing mixed on the session.

Net on the day, The Dow was up 9.44, the S&P 500 down 3.32, and the Nasdaq 100 down 7.17. The Philadelphia Semiconductor Index (SOXX) was down 6.83, leading the NDX lower.

Technicals were decidedly negative. Advance-declines were negative by 2 to 1 on New York and by 4 to 3 on Nasdaq. Up/down volume was about 4 to 3 negative as well on New York, on total volume of just under 1.4 billion. Nasdaq traded over 2 billion with a ratio of a little more than to 1 negative on declining over advancing volume.

TheTechTrader.com board was vastly negative. Some members of our Boxer Short list from Sunday were down sharply, particularly the shippers. DryShips (DRYS) fell 6.12 to 82.50, Excel Maritime (EXM) 4.59 to 43.46, and TBS International (TBSI) down 2.89 to 39.86.

Other losses of note, Energy Conversion Devices (ENER) gave back 3.11, and the USO oil ETF down 2.03, but off 4 1/2 from its high on the big reversal in oil. Oil dropped from $139 to under $131 and closed off 3 points on the session. As a result the DUG ultrashort oil & gas ETF jumped to 28.15, up 1.13 and the biggest gainer on our board today.

Other gainers of note, low priced VVUS was up 31 cents, WM 43 cents, Nextwave Wireless (WAVE) up 20 cents, and VSCI up21 cents.

PDO managed to gain 45 cents despite the drop in oil, but MXC closed up only 9 cents, and more than $5 off its earlier high.

Chindex (CHDX) was down 1.49, and the Solarfun (SOLF) down 1.45. Exide Technologies (XIDE) continued its post-earnings announcement pullback, down 1.54, and portfolio position ZOLT took it on the chin, down 1.10.

Chinese stocks were also weak, with China Finance Online (JRJC) falling 97 cents to 17.83, and China Natural Resources (CHNR) closing at 17.43, down 44 cents.

Stepping back and reviewing the hourly chart patterns, after some back and forth action and mid-afternoon false breakouts the indices pulled back into what now appears to be bearish consolidation patterns, and it appears that more downside may be ahead of us.

Right now resistance is at 1988 and 2000 on the Nasdaq 100 and the 1370,1375, 1380-81 levels on the S&P 500.

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.