The indices started off the week with a very ugly session. The day started out with a strong futures before the opening. The did pop at the opening, and that was it for the day. From that point they sold off sharply and steadily until around the lunch hour. Tried to bounced during lunch hour and just after, but they sold off in again in 5-wave decline that took them to the lows for the day.

Net on the day the Dow was down 251 at 7114, the S&P 500 down 26.72 at 743, a new 12-year closing low, and the Nasdaq 100 down 43 3/4 to just under 1129. The Philadelphia Semiconductor Index (SOXX) down 8.17 for a loss of about 5 percent.

The technicals were extremely negative with 2700 down and 400 plus up on New York. Nasdaq was 22 to 6 negative. Up/down volume was about 4 to 1 negative on New York and nearly 6 to 1 negative on Nasdaq.

TheTechTrader.com board was very negative. Leading the way to the downside today were the agriculture stocks, which got hammered with some negative news. Potash (POT) lost 7.72 to 76.24, Mosaic (MOS) at 35.89 down 6.63, CF Holdings (CF) was down 5.72, and Agrium (AGU) at 36.73 down 3.35.

Apple (AAPL) lost 4 1/4 to 86.95 today.

Other multiple point losers included SunPower (SPWR), down 1.04 to 29.88. GNK was down 1.37 to 11.14, Excel Maritime (EXM) lost 65 cents at 3.53, and DryShips (DRYS) managed to gain 13 cents to 3.92.

American Italian Pasta (AIPC) lost 1.33, the Q's lost 1.01, the U.S. Oil Fund ETF (USO) 1.03, and Ultra Oil & Gas ProShares (DIG) down 1.96 as oil continued to pull back.

On the plus side, the Direxion Financial Bear 3x Shares (FAZ) was up 7.01, the SOS UltraShort Real Estate up 10.12, and the Direxion Large Cap Bear 3X Shares (BGZ) was up 7.74.

Some of the bank stocks, which were up earlier, managed to close in the plus column. WFC was up 12 cents, BAC 12 cents and C 19 cents.

That was about it today, a very negative day for the indices. But the oscillators are extremely oversold and I'm expecting a turnaround Tuesday. We'll see how it goes.

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.