The indices had an abrupt negative turnaround from the get-go and were down all session, closing at the lows for the day going away. A definite negative day today for the bulls.

The day started out, as indicated, with a move lower and sharply so. They settled in around early morning to try a consolidation, but rolled over and got to the morning lows just before lunch hour.

Over the next 2-3 hours they consolidated and tried to rally, but were unsuccessful to make much headway, particularly on Nasdaq, and then rolled over in the afternoon in a 3-wave decline that saw the indices get pummeled into the close.

Net on the day the Dow was down 161.27 at 8163.60, the S&P 500 down 17.69 to 881.03, and the Nasdaq 100 down 36.23 at 1404.78. The Philadelphia Semiconductor Index (SOXX) was down 3 percent, or 7.51, to 252.73.

The technicals told the story today as advance-declines were nearly 4 to 1 negative on New York and about 3 to 1 negative on Nasdaq. Up/down volume was about 5 to 1 negative on New York on a light total volume of just over 1 billion. Nasdaq traded nearly 2.3 billion and had a 7 to 1 negative volume ratio.

TheTechTrader.com board was quite negative today, except for the ultrashorts. Three of our portfolio positions did very well today. The Direxion Large Cap Bear 3X Shares (BGZ) was up 2.23 to 39.86, UltraShort Real Estate ProShares (SRS) up 1.57 at 21.53, and the Direxion Small Cap 3x Bear (TZA) up 1.52 to 25.86.

Other gainers of note, Jazz Pharmaceuticals (JAZZ) was up 58 cents to 4.21 on nearly 5 million, but way off its earlier high. Rambus (RMBS) was up 89 cents at 15.45 on nearly 4 million. Sequenom (SQNM) advanced 34 cents to 20.70.

Some of the financials were positive, with JP Morgan (JPM) up 21 cents at 32.81, and Wells Fargo (WFC) up 23 cents to 23.33.

That was it for the gainers, other than the Direxion Financial Bear 3x Shares (FAZ), up 27 cents to 5.39.

On the downside, Goldman Sachs (GS) fell 3.92 at 142.54, Apple (AAPL) 3.21 to 135.40, Potash (POT) 3.46 to 92, and Mosaic (MOS) 2.39 to 41.25.

Our Boxer Shorts picks did very well today, with ATK down 2.25 to 77.56, BNI 3.27 to 68.11, DO 2.69 to 76.21, FCX down 94 cents to 45, and NILE 2.06 to 36.71. Portfolio position Oil Service HLDRs (OIH) was down 3.02 to 89.15, and Research in Motion (RIMM) lost 2.31 to 66.36.

So, a very negative day indeed for stocks.

Stepping back and reviewing the hourly chart patterns, with the indices closing at the lows for the day going away and having broken some key support at the end of the day on NDX, I expect to see lower prices. The SPX did break early 2-day price support at 886, although it managed to hold at the 881 level, near the 878-880 key support zone on the SPX. We’ll see if that cracks early tomorrow.

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