The market ended mixed today, but things started out in the morning with a bit of a rally attempt that failed at resistance and then sold off sharply, with the NDX going to new decline lows.  The S&P followed, and around the lunch hour they hit their lows for the session.  But they meandered for most of the afternoon in a narrow range in a coil pattern on the NDX, failing to break the declining tops lines of the last three days.  A last hour-half firming trend brought some of the indices to the plus column..

Dow closed up less than 14, the S&P 500 up only a half point or so, the Nasdaq 100 down a point, and the SOX Index down more than 1 percent, or nearly 5 points, which really put pressure on Nasdaq today.

The technicals were negative but just slightly so on New York by 17 to 15 on advance-declines and about dead-even flat on up/down volume.  Total volume was about 1.5 billion. Nasdaq, however, was 3 to 2 negative on advance-declines, and up/down volume was nearly 2 to 1 negative.  So, definitely a weaker day today on Nasdaq.
 
TheTechTrader.com board was very mixed, with only one gainer of more than a point.  Convera (CNVR) was up 1.43 to 11.20 on 1.2 million shares, and was the star on my board today.

Abatix (ABIX) was up 55 cents but on low volume.  DayStar Technologies (DSTI) was up 30 cents.  BSD Medical (BSM) snapped back 33 cents, and Internet Initiative Japan (IIJI) was up 40 cents along with Vertex Pharmaceuticals (VRTX) 55 cents.

On the downside, Energy Conversion Devices (ENER) gave back a point, Forward Industries (FORD) down 1.40, Dynamic Materials (BOOM) down 42 cents, and Kendle International (KNDL) down 42 cents.

Other than that, very small fractional gains and losses on both exchanges on my board today.

Stepping back and reviewing the hourly patterns, the declines that began three days ago continued today in a consolidated fashion and it appears we're going to still have some downside movement, although key support was slightly violated today on the Nasdaq 100.  It closed right near it.

The S&P 500 also closed near support near 1225-27.

Good trading!

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.