The markets ended mixed to mostly higher, although they had an immediate strong rally out of the shoot. That rally got right near 1219-20 resistance on the NDX and the 877-78 resistance on the S&P 500, but couldn't push through. They then backed and filled for several hours in what looked like a potentially bullish consolidation pattern, holding above initial support, but by late morning they cracked, slid hard, and nominally took out yesterday's 5-day pullback support lows. However, they probed that zone on 3 different occasions and then firmed into the last hour, putting the NDX, SPX and SOXX back in the plus column. The Dow ,however ,still closed lower.

Net on the day the Dow was down 25.41, about 70 points off the low. The S&P 500 was up 1.53, and the Nasdaq 100, 1.52. The Philadelphia Semiconductor Index (SOXX) was up 1.70.

The technicals had a small plurality to the upside , as well, Advance-declines were positive by 16 to 14 on New York and by 15 to 12 on Nasdaq. Up/down volume was about 7 to 5 positive on New York on total volume of just over 1 1/4 billion. Nasdaq traded just under 2 billion and had an 11 to 8 positive volume ratio.

TheTechTrader.com board was mostly fractionally higher. Leading the way on the plus side today was Potash (POT) at 76.43, up 2.34 in the generally firm agriculture sector. Mosaic (MOS) was up 52 cents, Agrium (AGU) 93 cents, and CF Holdings (CF) 75 cents.

Portfolio holding Sequenom (SQNM) had an exceptional session, dropping down to 21.68 early on, but roaring back and tagging 24, closing at 23.74, up 1.45 on 2.2 million.

Other point-plus gainers included the new portfolio holding position U.S. Oil Fund ETF (USO), which firmed 1.19 on nearly 40 million shares, and the Ultra Oil & Gas ProShares (DIG) up 1.03.

Fractional gainers included GigaMedia (GIGM), one of our other portfolio positions, up 56 cents. Hartford Financial Services (HIG) snapped back 66 cents, and Brigham Exploration (BEXP) was up 39 cents in the strong oil sector.

On the downside, Energy Conversion Devices (ENER) lost 1.04 and was the only point-plus loser on our board. Bank of America (BAC) gave back 78 cents to 10.65, but Morgan Stanley (MS) managed to gain 7 cents and Citigroup (C) 30 cents in a mixed financial sector.

Stepping back and reviewing the hourly chart patterns, we ran up to overhead resistance at the 5-day declining tops line and lateral price resistance on the Nasdaq 100, reaching 1219, but failed there and then retested the lows -- what appears to be a successful test potentially. Tomorrow should be a very important day in the trend. After 6 days of down movement, they tried to firm. If they can take out the declining tops line and moving averages, we have a chance of reversing the trend.

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.