The stock market indices ended the week on a down note. The day started off with a sharp move lower that retested the lows, made higher lows, and then snapped back sharply late morning. By mid-day they reached the rally highs, and then drifted lower for the rest of the session in an orderly fashion, lacking thrust and in what looked like a corrective move. However, with a late little bounce, they closed off the lows.

Net on the day, the Dow was down 139.89 at 10,380.43, the S&P 500 down 17.27 at 1110.87, and Nasdaq 100 down 44.31 at 1849.44. .

Advance-declines were about 2 1/2 to 1 negative on the New York Stock Exchange and about 3 1/2 to 1 negative on Nasdaq. Up/down volume was about 6 to 1 negative on New York with a total of 2.6 billion traded. Nasdaq traded over 4 billion shares today and had a 10 to 1 negative ratio of declining volume over advancing volume.

TheTechTrader.com board, as a result, had many stocks that suffered, especially tech stocks. Baidu, Inc. (BIDU) was the big loser today, down 28.53 to 639.49. Apple Inc. (AAPL) lost 10.39 to 235.86, and Google Inc. (GOOG) 5.53 to 493.14.

Dendreon Corp. (DNDN) suffered today, down 3.69 to 43.91. Cree Inc. (CREE) dropped 2.94 to 66.46, and Amazon.com Inc. (AMZN) lost 3.73 to 124.98, as high-tech stocks were weak.

Chinese stocks also backed off with China Automotive Systems Inc. (CAAS) off 1.39 to 18.90, and Rino International Corp. (RINO) down 78 cents to 13.59.

Other losses of note: Akamai Technologies Inc. (AKAM) fell 1.68 to 35.71, Acme Packet, Inc. (APKT) 1.08 to 23.95, and Pharmacyclics Inc. (PCYC) 1.03 to 6.23, a big percentage loss there.

On the plus side, the ultrashort ETFs were strong, of course, with the iPath S&P 500 VIX Short-Term Futures ETN (VXX) up 3.13 to 29.25, the Direxion Daily Large Cap Bear 3X Shares (BGZ) ahead by 82 cents to 15.93, the Direxion Daily Financial Bear 3X Shares (FAZ) rising 52 cents to 14.81, and the ProShares UltraShort Real Estate (SRS) up 92 cents to 29.06.

Stepping back and reviewing the hourly chart patterns, the indices pulled back sharply early in the morning and tried to retest the lows, but made substantially higher lows. They then bounced sharply, but drifted lower for the rest of the session. Not a very convincing follow-through to yesterday’s late rally for sure, and the market has work to do.

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