The markets had a somewhat narrow, consolidative day. After a higher opening, they then moved down rather quickly in the morning and had a sharp sell-off, particularly on the Nasdaq 100. The S&P 500, however, did not confirm that and failed to make new lows while the NDX was doing so. The NDX got down to 1911, right near the low of June 12, and bounced mid-day, moving from the 1911 area up to 1933, testing the early morning rally high. The SPX did the same. Neither could get through, and they then rolled over in the afternoon and pulled back to retest the lows and before bouncing in the last few minutes.

Net on the day it was a Mexican standoff for the blue chip indices, with the Dow Jones down just 0.33 and the S&P 500 up a scant 0.08, with the OEX up only 0.15. So very narrow action in the blue chip indices. The Nasdaq, however, was down 15.08 on the 100, the Philadelphia Semiconductor Index(SOXX) was off 4.40.

Technicals were negative by more than 2 to 1 on advance-declines on New York and 2 1/2 to 1 on Nasdaq. Up/down volume was about 2 to 1 negative as well on New York on light volume of less than 1.1 billion. Nasdaq had a ratio of about 3 1/2 to 1 negative on up/down volume, on total volume that was a bit lighter at about 1.87 billion.

TheTechTrader.com board was mixed, but there were some exceptional gainers in the junior oils and alternative energy stocks today. Recent Chart of the Week Pyramid Oil (PDO) exploded, ran hard in the morning after an early dip, and then closed at the highs for the day going away at 37.99, up 8.34. Former Chart of the Week Royale Energy (ROYL) at 11.24 was up 1.52. Energy Conversion Devices (ENER) also exploded and ran to another new all-time high, touching 83.33, before backing off a couple points at 81.07, up 4.43 today. Canadian Solar (CSIQ) in the alternative energy sector was positive most of the session, gave back half its gains late in the session, but still closed up 1.33 on the day.

Another low-priced junior oil we've been following and highlighting, Brigham Exploration (BEXP),closed at 17.09 up 1.44. The USO (Oil ETF) was firmer on the rise in the price of oil, up 1.86 to 111. Mexco Energy (MXC) was up 2.60 to 48.50.

Also in the solar energy group, Solarfun (SOLF) gained 51 cents and JA Solar (JASO) up 39 cents.

On the downside, recent Chart of the Week A-Power Energy (APWR) gave back 2.03 today. Excel Maritime (EXM) in the weak shipping group was down 2.32, DryShips (DRYS) down 1.44, and TBS International (TBSI) down 1.71.

Portfolio position Zoltek Companies (ZOLT) got smacked back 1.65, closing at 28.42.

Stepping back and reviewing the hourly chart patterns, the indices did little more than back and fill and consolidate the recent losses. But it looks to me like unless they can explode out of this area & quickly, more downside is not only possible but probable based on the patterns we see.

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.