The indices had a difficult morning, but a snapback rally in the afternoon brought them way back and actually put the Dow back in the plus column. But the indices ended mixed on the day.

The day started out with a slight bump to the upside, and immediately sold off sharply. The market then went into a slow steady decline that lasted till around mid-day. Right about when lunch hour was ending, the market firmed up and started to accelerate, with the NDX snapping back from 1362 to 1387, a 25-point run, before a late pullback brought it back down 10 points. The SPX jumped from 896 to 914, but pulled back at the close.

Net on the day the Dow was up 50.34 to 8469.11, more than 100 points off its low. The S&P 500 was slightly lower, down 0.89 at 908.35, 12 points off its low, and the Nasdaq 100 down was down 18.39 to 1377.40, 15 points off its low but a similar amount off its high, so closing mid-range. The Philadelphia Semiconductor Index (SOXX) fell 6.33 today, about 2 1/2 percent.

The technicals were negative across the board on both indices. Advance-declines were 3 to 2 negative on New York and 2 to 1 negative on Nasdaq. Up/down volume was 2 1/2 to 1 negative on New York on total volume of 1.6 billion. Nasdaq traded 2.5 billion and had a 3 to 1 negative volume ratio.

TheTechTrader.com board ended narrowly mixed. Particularly strong today were the ag/chem stocks. Potash (POT) was up 5.91 to 100.87, Mosaic (MOS) up 3.10 to 47.67, and China Green Agriculture (CGA), last night's Chart of the Day, up 80 cents to 7.35 on strong earnings. It reached as high as 8 earlier.

STEC Inc. (STEC), which we featured along with CGA last night, gapped up sharply and closed up 3.21 at 13.60, on 8.3 million. Vanda Pharmaceuticals (VNDA) continued higher, up 1.07 to 11.27 on 4.5 million shares. That was our Chart of the Day.

Converted Organics (COIN), which we exited today for a 52% gain in just 2 weeks, was up 50 cents to 2.14, a strong percentage gain there.

The UltraShort Financial ProShares (SKF) was up 1.62 to 44.48, TZA up 1.14 to 27.17, and the Direxion Financial Bear 3x Shares (FAZ) up 29 to 5.42. That was 42 cents higher during the early part of the session, on 460 million shares traded.

On the downside, Apple (AAPL) lost 5.15 at 124.42, and American Italian Pasta (AIPC) down 4.50 to 27.47 after it released its earnings report.

Financials were mixed to weak today, with JP Morgan (JPM) down 47 cents, Hartford Financial Services (HIG) 1.50, GS down 37 cents, Wells Fargo (WFC) down 83 cents, and Bank of America (BAC) down 68 cents, but all of those off their mid-day lows.

Stepping back and reviewing the hourly chart patterns, the indices were down in the morning, up in the afternoon, and then backed off in the last 20 minutes to close mixed on the session. The indices appear to want to roll over here, and look toppy, but we need some downside thrust and confirmation. If that doesn't occur and the indices start to rally here, the bears may have more covering to do before it's over.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.