The indices had an extremely negative post-election reaction, gapping down at the opening, on pre-market futures being sharply lower. They then tried to bounce, much more successfully on the S&P 500 and Dow, with the Nasdaq unable to get through the intraday moving averages, and they rolled over sharply in the morning, bounced in the afternoon, and then rolled over again even more sharply late in the session. They had a late quick bounce, but in the last 10 minutes rolled over sharply once again to close at the lows for the day.

Net on the day the Dow was down 486, the S&P 500 down 53, and the Nasdaq 100 down 78 1/2. The Philadelphia Semiconductor Index (SOXX) dropped 11 1/2, or about 5 1/2 percent.

The technicals were extremely negative, with advance-declines 25 to 6 negative on New York and 22 1/2 to 6 negative on Nasdaq. Up/down volume had very negative ratios, though total volume itself wasn't heavy, with nearly 1 1/4 billion to the downside and only 75 million to the upside, or 15 to 1 negative, on New York. Nasdaq traded about 2.15 billion and had a little less than 10 to 1 negative volume ratio .

Other than the short instruments, TheTechTrader.com board was extremely negative, with just two stocks up very small fractions. QCOR, a recent portfolio position, closed at 8.94, just 2 cents off the high and 6 cents off our $9 trading target. COIN at 6.38 was up a dime, although that was way off its high of nearly 7.

The SDS at 85.74 was up 6.89, and the QID at 66.70 was up 6.32.

On the downside, the loss leader by far was SunPower (SPWR), which came out with a poor earnings report and was downgraded by a couple firms, closing at 32.99, down 17.51, losing 35% of its value today on very heavy volume. POT at 86.88 was down 7.19, ANR at 29.41 down 6.27, AAPL at 103.30 down 7.69, the QLD down 4.03, and the USO down 3.74.

The EWZ Brazilian ETF fell 4.58, and the DIG oil ETF was down 3.69.

Other multiple point losers included several financials, which got hammered hard, including Citigroup (C) at 12.63 down 2.05 and Morgan Stanley (MS) at 17.06, down 1.81.

Energy Conversion Devices (ENER) dropped 2.77, DryShips (DRYS) 2, and Canadian Solar (CSIQ) 1.87, so it was an extremely negative day for solars. Airlines, too, got hit, with United (UAUA) down 1.02, and Continental (CAL) down 1.41.

Stepping back and reviewing the hourly chart patterns, the indices opened lower, bounced, but pretty much stayed within a down-channel all session and closed near the lows for the day going away in a very negative session and obviously a negative reaction to the election.

So we'll see if this is the beginning of a major retest or another leg down in a continuing bear market. Six up days in a row was about all the market could take!

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.