The markets traded in rather narrow ranges today with a slightly upward bias for the most of the session until the last hour.

The day started out with a move up, a pullback/retest, and then they had a better rally in the morning that failed to generate much follow-through. They backed and filled in a consolidative manner for the next 2 hours until early afternoon when they rallied to the highs for the day but couldn't follow through , failing at the declining tops resistance lines. They rolled over rather sharply in a 5-wave decline in the last hour, testing the lows on the Nasdaq 100 and taking them out slightly on the S&P 500 and in they last 10 minutes they snapped back, closing mixed on the session.

Net on the day the Dow was down 29 and the S&P 500 2.34, but the Nasdaq 100 gained nearly 13. The Philadelphia Semiconductor Index (SOXX) was up 3 1/4.

The technicals, however, were 3 to 2 negative on advance-declines on New York and 2 to 1 negative on Nasdaq. Volume was light today, just over 1 billion shares traded on New York, with a 3 to 2 negative ratio on up/down volume. Nasdaq traded 1 3/4 billion and had a ratio of 3 to 2 negative volume ratio.

TheTechTrader.com board, however, was mostly negative, although there were a few outstanding gainers today. Energy Conversion Devices (ENER) gapped up and exploded for nearly 10 points at one point, gave back about 3 of it, closing up 7.33 on more than 5 million shares, a very strong snapback from yesterday's nearly 13-point loss.

The other star of the day today was portfolio position and yesterday's Chart of the Day Sequenom (SQNM), which jumped 7.20 on 9.4 million on positive drug data to new 6 1/2 year highs. Focus Media (FMCN) closed at 33.03, up 1.95, on 7 3/4 million traded. The stock closed near the high for the day going away, very intriguing chart pattern and technicals there.

China Architectural (CAEI) continues firming, getting up over 8 today, closing at 7.90, up 49 cents. However, volume was rather low at 160,000.

On the downside, multiple point- plus losers included the SDS, down 4.51, the QID down 1.52 and the DUG down 2.33.

Low priced AIG got hammered, dropping from 5.39 to 3.31, closing at the low for the day going away, down 1.69 on 279 million shares.

Converted Organics (COIN), one of our recent portfolio positions that we sold, backed off 1.04 to 6.37. Fuel System Solutions (FSYS) at 48.02 was down 2.50, and weakness persisted in the financials, with Morgan Stanley (MS) at 24.79 down 3.21 on 44.4 million.

Stepping back and reviewing the hourly chart patterns, the indices tried to make headway for most of the session, but gave it back at the end of the day, much like yesterday's late sell-off. However, 2-day support held on the Nasdaq 100 just under 1650, and they bounced late in the session despite the SPX nominal new 4-day pullback lows set late in the session.

We'll see if they can right the ship tomorrow and take out key overhead resistance now at the 1678 and 1688 levels. S&P resistance is at 1197-98 and then the 1205 area.

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.