The markets had a negative session on Thursday, closing near the low end of the range for the day. But it was a volatile day, as the indices opened sharply lower on negative futures, tested the first line of support, bounced quite nicely in the morning, and backed and filled late morning. Then in the early afternoon the Nasdaq 100 went to new session and rally highs, but the S&P 500 trailed badly at that point. When they failed to play catch-up, the indices moved sideways for an hour in what looked like consolidation patterns, but they ended up breaking to the downside. When that occurred they stair-stepped their way down for the rest of the session, moving sharply lower on the S&P, in particular, which dropped from 1286 to 1264, closing at 1266.

Net on the day the Dow closed down 224, the S&P 500 down 23.12, and the Nasdaq 100 off 15, or about 24 points off its high. The Philadelphia Semiconductor Index (SOXX) was up all day, by as much as 12 1/2 early, but lost a chunk of its gains, closing up only 5.45. All session it was trying to keep the markets propped up, but wasn't able to do so, particularly late in the session when the indices rolled over.

The technicals were negative, with decliners outnumbering advancers by more than 3 to 1 on New York and by about 2 to 1 on Nasdaq. Up/down volume was the culprit today, more than 4 to 1 negative on New York on total volume of just over 1 1/4 billion. Nasdaq traded 2 1/4 billion and had a ratio of on 2 to 1 declining over advancing volume.

TheTechTrader.com board as a result of negative action in the afternoon ended mostly lower, with many multiple-point losses. Shippers got hit hard today. DryShips (DRYS) lost 3.04, but TBS International (TBSI) was the real story today, losing 4.19 after announcing earnings, closing at 29.13. Excel Maritime (EXM), also in that group, lost 1.48.

Energy Conversion Devices (ENER) declined 1.58, Canadian Solar (CSIQ) 82 cents, and A-Power Energy (APWR) 60 cents in a weak alternative energy sector.

Yesterday's Chart of the Day VISN reversed sharply lower, closing at 20.06, down 2.65. Chart of the Week Pharmasset (VRUS) fell 2.24 to 21.06.

On the plus side, the SDS (ultrashort SPY) was up 1.92 and the QID (ultrashort QQQQ) up 43 cents with the lower market. The DUG (ultrashort oil & gas) was up 90 cents on the decline in oil and gas stocks today, and the USO (oil ETF) jumped 1.02 on the snapback in oil prices.

Other than that there were just factional gains. Chart of the Week C& D Technologies (CHP) jumped 31 cents, closing at 7.75, its high for the day.

Stepping back and reviewing the hourly chart patterns, the indices looked quite different on the NDX and S&P 500, as the S&P trailed badly. They both rolled over in the afternoon, with the S&P taking out support and the NDX holding it. So we'll see if they can stem the tide tomorrow and turn this back around. But it's very tough to get any kind of follow-through in this market, and today indeed was very disappointing for the bulls.

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.