The indices had a plus session, but they sure closed way off their highs. The indices opened lower, but immediately turned around and got a strong rally in the morning that took them to new rally highs on the Nasdaq 100 and it was confirmed by the S&P 500. They gained speed and spiked higher by mid-day , with the NDX reaching 1962.54 and the SPX reaching 1313.50. At which point they reversed sharply lower, with the NDX dropping from 1962 1/2 to about 1928 1/2, or about 34 points inside of about an hour. The SPX at that point dropped about 15 points in the same period of time. They did have a late afternoon bounce ,but went to lower lows, before snapping back sharply into the close over the last 25 minutes or so, bringing the indices back into the plus column.

Net on the day the Dow was up 48 points, about 85 points off the high, but consider that an accomplishment considering it was actually down with about 25 minutes to go. The S&P 500 was up 9, and the Nasdaq 100 up 15. The Philadelphia Semiconductor Index (SOXX) was up nearly 7.

So a positive day on the surface but that was a nasty late afternoon sell-off, only saved by the last 25-minute sharp snapback.

The technicals managed to close positive. Advance-declines were better than 3 to 2 positive on New York and a like amount on Nasdaq. Up/down volume was a little less than 2 to 1 positive on New York on lighter total volume of 1 1/4 billion. Nasdaq traded a heavier 2 1/4 billion and had a ratio of 3 1/2 to 1 positive on advancing over declining volume.

TheTechTrader.com board was mostly mixed, with some outstanding gainers. Last week's Chart of the Week Almost Family (AFAM) was up 2.23 to 44, another new all-time high. Excel Maritime (EXM) on strong earnings and upgraded guidance was up 2.67 to 34.16. Portfolio position Energy Conversion Devices (ENER) popped 1.21 to 64.20.

Sigma Designs (SIGM) came back with a nice gain today, up 1.48 on 1 3/4 million. United Airlines (UAUA), in a very strong airline sector, was up 1.14, although at one point it was up nearly 3. So the airlines sold off in the afternoon when the price of oil recovered from its lows around 112, closing at around 114 and change.

Other fractional gainers included Aerovironment (AVAV), a recent Chart of the Week, at 32.89, up 98 cents, and tagging a new all-time high at 33.48 earlier in the day. Chart of the Week Innophos Holdings (IPHS) at 38.47 was up 91 cents, but traded as high as 39.74, up more than 2 points at one point. Exide Technologies (XIDE), the battery maker, was up 73 cents to 13.71, on 1.1 million.

On the downside, there were only a couple point-plus losers. These included China Natural Resources (CHNR) at 14 1/2, down 1 1/2, on less than 100,000 shares. The SDS short instrument, as would be expected on an up-day, was down 1.20, with the QID down 82 cents.

Stepping back and reviewing the hourly chart patterns, the indices extended their 5-day rally sharply so in the morning, and had nearly just as sharp a sell-off, giving back all of its gains late in the afternoon, before a late snapback brought them back into the plus column.

We'll see whether a meaningful top was hit today, and whether we sell off here. Although the market did act resiliently late in the session, and the direction of the indices remain to be seen.

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.