Wednesday was a decisive and definitive follow-through down day for the indices, as they gapped lower, bounced, failed at resistance, and stair-stepped their way lower all morning. They stabilized in the afternoon without making lower lows, but bounced around without being able to get back up through resistance, closing near the lows for the day going away.

Net on the day the Dow was down 184.22 at 8284.89, the S&P 500 down 24.43 at 883.92, and the Nasdaq 100 down 37.57 at 1339.83. The Philadelphia Semiconductor Index (SOXX) fell more than 2 percent, or 5.73 at 236.80.

The technicals were very negative. Advance-declines were about 8 to 1 negative, or 2748 down and only 341 up, on New York, and about 5 1/2 to 1 negative, or 2339 to 407, on Nasdaq. Up/down volume was 11 to 1 negative, with 142 million shares up and 1.6 billion down, on New York on total volume of about 1 3/4 billion. Nasdaq traded billion and had a 22 to 1 negative volume ratio, with just 102 million shares on the upside and 2.26 billion to the downside.

So, it was a definitive distribution down day.

TheTechTrader.com board as a result was mostly negative. There were a few outstanding bright spots, other than the ultrashorts.

Vanda Pharmaceuticals (VNDA), our Chart of the Day, closed at the high for the day going away at 12.96, up 1.69 on 4 3/4 million. Potash (POT) broke out above key resistance at 100 and ran to 105.44, before backing off 3 points, but still up 1.76 at 102.63. Dendreon (DNDN) gained 27 cents to 20.46, and Converted Organics (COIN) managed to gain 4 cents to 2.18, although early in the session it jumped to a new 3 month high at 2.62. So a fairly negative intraday reversal there.

On the downside, loss leaders included Apple (AAPL) down 4.93 at 119.49, and Amazon (AMZN) down 3.74 to 74.19.

Goldman Sachs (GS) led the financials lower, down 6.15 to 129.26. Other losses of note in that sector, Wells Fargo (WFC) fell 1.50 to 24.20, and Bank of America (BAC) was down 1.25 to 11.01, the low for the day. Hartford Financial Services (HIG) lost 1.95 to 12.56, JP Morgan (JPM) 1.31 to 34.05, and MS down 1.32 to 25.10. As a result, the Direxion Financial Bear 3x Shares (FAZ) gained 13.8%, or 75 cents, to 6.18. That is tonight's Chart of the Day.

Among other losing issues, American Italian Pasta (AIPC) continues it recent sharp pullback, down 1.52 to 25.95, and DryShips (DRYS) lost another 84 cents to 6.15. Canadian Solar (CSIQ) fell 69 cents to 7.54, GE lost 77 cents to 12.91, and former portfolio position SNX, which we recently exited, was down 1.21 to 22.29. SOLR on negative earnings had a big percentage loss, down 1.81 to 5.41. Monday's Chart of the Day STEC rebounded more than a point off its low and closed up 56 cents on the day, at 14.60.

Stepping back and reviewing the hourly chart patterns, the indices gapped down, stair-stepped lower all morning, slowed the angle of ascent, but went lower for the rest of the day and closed near the lows for the day going away.

So, it was a decisively negative session for the indices and in our mind a definitive enough day to declare that the recent 2-month up-trend is over and a new downtrend is in place. How long it lasts we'll have to see.

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