The indices had a dramatic session today, gapping sharply higher on the opening, and running sharply higher mid-morning, pulling back just before mid-day and rallying to the highs for the day just around mid-session. When the word got out that the bailout plan was voted on and passed, the indices had a negative reaction and plunged all afternoon in five-wave decline, with some strong volatility and whipsaw rallies as well. Initially the NDX dropped from 1552 to 1490 inside of a half hour, snapped back to 1530, dropped sharply to 1478, rallied again to 1510 and then closed down near 1470, more than 80 points off its high today.

Net on the day the Nasdaq 100 closed down 20.27. The Dow reversed nearly 480 points off its high and closed down 157. The S&P 500 reversed 54 points to close at 1099, closing under 1100 for the first time in four years, down 15 on the day.

Advance-declines moved to the negative side by 2 to 1 on New York and by 2 1/2 to 1 on Nasdaq. Up/down volume was better than 2 to 1 negative on New York on total volume of a little over 1.4 billion. Nasdaq traded about 2.5 billion and had a negative volume ratio of 3 to 1.

Many stocks on TheTechTrader.com board had very sharp reversals in the afternoon portion of the session, as you can imagine. Leading the way on the downside reversal was Energy Conversion Devices (ENER), which had soared as high as 65, up 8 at one point. It gave back all of that and then some, closing down 80 cents on the day at 56.26.

JPMorgan (JPM) dropped 2.95 to 45.90, and Citigroup (C) down 4.15 to 18.35.

DryShips (DRYS) reversed $5 from its high and closed down 2.09 on the day on 4.8 million. Airlines got hit hard. Continental (CAL) dropped nearly 3 from its high, closing down 1.66 at 15.19. Untied (UAUA) was also down a dollar to 8.11, about 1.75 off its high. Sequenom (SQNM) reversed $4 and closed down 1.78 on the day to 23.08, after being up in the morning. Chart of the Day Mosaic (MOS) reached over 45 earlier in the day, up 5 1/2 points, before giving back all of it at one point. Only a late bounce brought it back into the plus column on the day, up 88 cents at 40.53.

The SDS as you can imagine burst from 70.48 to 78.40. It closed at 77.55, up 2.42. The QID also had a big reversal of 7 points, closing up 2.41. The Brazilian ETF EWZ dropped 6 points from its high, closing down 2.06 on the day at 47.40. A-Power Energy (APWR) got slam-dunked, reaching down below 7 to close at 6.41, down another 1.43 today.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply in the morning and came down sharply in the afternoon in a very dramatic and steep five-wave decline, closing near the lows for the day going away. It was a very negative close for the session and for this week. We're at multi-year lows on the S&P 500 and Dow and Nasdaq, etc, and Monday may not be much better, as margin calls are expected to exacerbate selling.

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.