The market suffered another decline today, as we expected, although the day started out differently. The indices went higher at the opening, and reached the session highs within the first 15 minutes on the NDX. But the SPX did not keep pace and barely made it higher, and then they both turned lower. They went down steadily and sharply for the next few hours until about an hour to go when they staged a snapback rally that reached right back up test resistance at the earlier breakdown points, getting up to 1195 NDX and 776 SPX. But they pulled back in the last 20 minutes to add to the losses.

Net on the day the Dow was down 122.90 to 7277.90, the S&P 500 down 15.51 to 768.53, and the Nasdaq 100 down 17.03 to 1187.18. The Philadelphia Semiconductor Index (SOXX) fell 7.90 to 218.71, a loss of nearly 4 percent.

The technicals were negative on advance-declines by 3 to 1 on New York and more than 2 to 1 on Nasdaq. Up/down volume was almost 4 to 1 negative on New York on total volume of a hefty 2.4 billion. Nasdaq also traded about 2.4 billion and had about a 5 to 1 negative volume ratio.

TheTechTrader.com board was mostly lower, except for the ultrashorts. The UltraShort Real Estate ProShares (SRS) at 70.94 was up 9.60, the Direxion Financial Bear 3x Shares (FAZ) our Chart of the Day last evening, was at 35 was up 4.60, Direxion Large Cap Bear 3X Shares (BGZ) at 23.83 was up 4.40.

The only other gainer on my board was American Pasta (AIPC), which jumped 89 cents today.

On the downside, financials were weak. Wells Fargo (WFC) was down 1.43 to 13.99, JP Morgan (JPM) down 1.66 to 23.29. MS lost 80 cents to 20.24, GE lost 59 cents to 9.54, and Bank of America (BAC) fell 74 cents to 6.19.

Agriculture stocks also were down today, with Potash (POT) falling 2.55 to 76.67, Agrium (AGU) off 1.57 to 36.26 and Mosaic (MOS) down 1.80 to 41.62.

Stepping back and reviewing the hourly chart patterns, the indices extended the losses and broke down through the rising moving averages on the hourly charts and closed right near them. It'll be very interesting to see whether they can extend this to the downside or whether they are able rebound early next week.

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.