The indices finally succumbed late in the session and plunged to losses for the day. But it started much differently.

The day started out with a gap up and a strong early surge, but in the first 20 minutes reached their session highs, with the S&P 500 tagging another new 2009 high around 1117. At that point, however, the Nasdaq 100 could do more than match yesterday’s high and fall far short of its 2009 high. They came down sharply, tested and bounced, and then meandered in a coiling-type action for several hours, failing to get back above 1800 NDX and 1111 SPX.

In the last hour when it appeared no rally was going to materialize, they rolled over very sharply, with the NDX plunging from near 1800 to 1781, closing just a point off that, and the SPX plunged from 1111 down to 1099, closing right at 1099.92.

So it was a day in which the bears were able to wrest control at the end of the session and smack the indices lower. The SPX closed below its 40-day moving average on its hourly chart, while the NDX closed right at it and still above next support at 1780. The SPX is still about 15 points from its important multi-week low support at around 1084-85. So, still a buffer below here, but it looks like those levels may get tested soon.

Net on the day the Dow was down 86.53 at 10366.15, 140 points off its high. The S&P 500 at 1099.92 was more than 17 points off its high, down 9.32, and the Nasdaq 100 at 1782.91 was 24 points below its high, down 7.91 on the day.

Advance-declines were 2 to 1 negative on New York and a little more than that on Nasdaq. Up/down volume was 8 to 3 negative on New York on total volume of 1.1 billion. Nasdaq traded 1.95 billion and had a 2 to 1 negative volume ratio.

TheTechTrader.com board was mixed ,but mostly lower. Ultrashorts surged late in the session, with the Direxion Financial Bear 3x Shares (FAZ) jumping from 18.62 to 20.64, closing at 20.50, up 1.05 on 86.7 million shares. The Direxion Large Cap Bear 3X Shares (BGZ) closed up 45 cents at 18.20, and the Direxion Small Cap 3x Bear (TZA) up 41 cents to 11.98 on 28.3 million.

Rambus (RMBS) had an exceptional session breaking out across KEY one year resistance at 20 and closing at 20.24, up 1.65. Energy Recovery (ERII) broke out on more than 2 million shares traded and closed at 6.35, up 65 cents.

Fractional gainers of note included A-Power Energy (APWR), up 64 cents to 16.03, Human Genome Sciences (HGSI) up 55 cents to 28.01, Kongzhong Corp. (KONG) up 37 cents to 12.81, and Revlon (REV) 42 cents to 18.83, but all four of those were well off their highs.

Low priced Kandi (KNDI), a portfolio position, was up a quarter at 5.70, reaching its sixth consecutive new 52-week high. New portfolio position VisionChina Media (VISN) broke out and ran $1.18 today.

Leading the way on the downside were the financials, with Goldman Sachs (GS) down 2.36 at 164.30. Wells Fargo (WFC) dropped 96 cents to 26.49, a new 2-month low, and JP Morgan (JPM) lost 43 cents to 41.40.

Other losses of note, Fuel System Solutions (FSYS) lost 1.32 to 48.96, and American International Group (AIG) 1.30 to 29.89. RINO International (RINO) fell 1.71 to 28.80, and Origin Agritech (SEED) dropped 1.21 to 11.26.

The Direxion Financial Bull 3x Shares (FAS) lost 4.03 to 71.75, and the Direxion Large Cap Bull 3X Shares (BGU) 1.25 to 49.94.

Stepping back and reviewing the hourly chart patterns, the indices plunged late in the session and completed what looks like 3-day double-top, head-and-shoulder type patterns, but there lies more important support beneath the current levels, including gap support that needs to be tested.

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