The stock market indices had a definitive down-day today, particularly on Nasdaq, where listed stocks suffered more than blue chips.

The day started out with a big gap down, with the Nasdaq 100 down nearly 25 points in the first 20 minutes. The S&P 500 at that point dropped from 1147 to about 1137, or 10 points. They did bounce back in the morning, consolidated, then rolled over by mid-day, went sharply lower, completing a 3-wave decline. The rest of the session was spent stair-stepping in a choppy fashion, but spiked up in the last 15 minutes to improve the results.

Still, they ended negatively, with the Dow down 36.73 at 10627.26, the S&P 500 down 10.76 at 1136.22, and the Nasdaq 100 down 24.45 at 1861.79. The Philadelphia Semiconductor Index (SOXX) had a terrible session, down 13.17, a 4 1/2 percent decline, closing at 353.45. That really pressured Nasdaq today.

Advance-declines were 22 to 8 1/2 negative on New York and 19 to 7 Ã,½ negative on Nasdaq. Up/down volume was 4 1/2 to 1 negative on New York on total volume of just under 1.1 billion. Nasdaq traded almost 2.4 billion and had about a 3 to 1 negative volume ratio.

TheTechTrader.com board had many stocks on the downside today, but led mostly by Chinese momentum stocks, which really reversed course negatively today.

China Agritech (CAGC) led the losers, down 3.21 to 35.22. China Automotive (CAAS) fell 1.66 to 24.69, A-Power Energy (APWR) 1.27 to 17.84, Canadian Solar (CSIQ) 2.09 to 30.47, SmartHeat (HEAT) 1.09 to 16.94, RINO International (RINO) 1.81 to 29.09, and Origin Agritech (SEED) 1.07 to 13.43, after reaching new highs this morning at 15.02, a big reversal there on 22 million shares. Telestone Technologies (TSTC) lost 1.32 to 22.15 and China Green Agriculture (CGA) 1.64 to 16.10 to round out the very weak Chinese group today.

The Direxion Financial Bull 3x Shares (FAS) gave back 3.39 to 81.58, while the Direxion Large Cap Bull 3X Shares (BGU) dropped 1.68 to 55.67. Shipping favorite Genco (GNK) declined 1.03 to 24.99, Hi-Tech Pharmaceuticals (HITK) 1.42 to 27.57, and FKX down 1 to 28.43.

On the plus side, there were fractional gains by Cyclacel Pharmaceuticals (CYCC) , up 35 cents to 2.83, and ICX Technologies (ICXT) up 32 cents to 8.60. Portfolio position Xyratex (XRTX) added 84 cents to 15.25, an outstanding relative strength session there.

The Direxion Financial Bear 3x Shares (FAZ) 67 cents to 17.48, Direxion Small Cap 3x Bear (TZA) 28 cents to 9.23, UltraShort Real Estate ProShares (SRS) 24 cents to 7.65, and the Direxion Large Cap Bear 3X Shares (BGZ) 45 cents to 16.07.

Stepping back and reviewing the hourly chart patterns, a sharp 3-leg decline followed by an afternoon struggle back up was the pattern today. The last few hours to the upside pared the losses, but still it was a negative session.

The significance of today’s session is that the NDX broke through 2 key levels of support at 1868-70 and then 1860. It managed to close back over that at 1861.79, but a potential top may have been put in, The SPX did drop below the moving averages on the hourly charts and tested key price support at 1130, although that did hold, so we do not have confirmation yet of a downside break out the SPX.

We’ll see what kind of follow-through we get, if any, tomorrow.

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