The indices ended a bit positive on FOMC announcement day, but there were some wild gyrations in between.

They gapped up at the opening, backed off, and then ran hard in the morning, reaching over 1700 on the Nasdaq 100 and just above 1060 on the S&P 500. Those were key resistance levels. At that point they drifted lower in a corrective looking pattern until the FOMC announcement, but shortly afterward had some wild gyrations, including a sharp drop and then a sharp rally back. At that point it looked like the rally might take out the early morning highs, but they stalled right at them and rolled over hard into the close, giving back most of the gains, but still managed to close a bit positive on the day.

Net on the day the Dow was up just 30.93 at 9802, with a high of 9928. The S&P 500 gained just 1.09 at 1046.50, but traded as high as 1061 earlier today, and the Nasdaq 100 was up just 1.47 at 1680.67, after being as high as 1701.47.

Advance-declines were 8 to 7 positive on New York, after having been ahead by a much wider margin earlier, and closed less than 3 to 2 negative on Nasdaq. Up/down volume was negative by 7 to 6 on New York on total volume of 1 1/3 billion. Nasdaq traded 2.2 billion and had an almost dead-even flat volume ratio.

TheTechTrader.com board was mixed, with not one stock up as much as a point today.

Leading the way among the fractional gainers was Qiao Xing (QXM), up 42 cents to 4.88. Sonic Solutions (SNIC) gained 56 cents to 6.69, and BioCryst Pharmaceuticals (BCRX) 79 cents to 10.10 on more than 5 million traded.

China Green Agriculture (CGA) snapped back 51 cents to 12.20, while China TransInfo (CTFO) added 48 cents at 8.17, as the Chinese sector was generally firm today.

The Direxion Financial Bear 3x Shares (FAZ) advanced 83 cents to 22.99, nearly 2 points off its low, and the Direxion Small Cap 3x Bear (TZA) 61 cents to 14.29. But the Direxion Large Cap Bear 3X Shares (BGZ) lost 7 cents at 21.55, as the large caps were firm today.

Leading the way on the downside was Goldman Sachs (GS), off 2.11 at 169.50. Human Genome Sciences (HGSI) fell 1.59 at 26.48, and American International Group (AIG) lost 3.02 at 36.20.

The Direxion Financial Bull 3x Shares (FAS) gave back 2.43 at 67.18, and the Direxion Daily Small Cap Bull 3x Shares (TNA) 1.45 to 36.07.

Stepping back and reviewing the hourly chart patterns, they were up early, down mid-day, back and forth after the FOMC meeting, retested the highs and then rolled over to close at the 3-day trendline on the NDX, and beneath them on the S&P 500, right at moving average support on the hourly charts.

So key levels of support right here, and we’ll see if the indices can resurrect themselves or whether they’ll come down and retest the lows or worse. At this point the jury is still out.

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