The stock market indices had a volatile session as the FOMC made their announcement and caused even more volatility. The day started out with a move down, moving sharply lower to the 1860 range on the Nasdaq 100 and 1085 on the S&P 500. At that point they were oversold enough to create a bounce-back and had a 5-wave rally back, which included post-FOMC movement both down and then back up, spiking up near 1890 NDX and 1100 SPX.

At that point they were right at the 3-day declining tops lines, which proved to be formidable, as the indices then backed off very quickly. However, late in the session they did bounce back, only to give back a little more in the last 10 minutes.

Net on the day, the Dow was up just 4.92 at 10,298.44. The S&P 500 was down 3.27 at 1092.04, and the Nasdaq 100 down 6.12 at 1874.42.

Advance/declines were 8 to 7 negative on New York Stock Exchange and 7 to 6 negative on Nasdaq. Up/down volume was about 6 to 5 negative on New York and 11 to 7 negative on Nasdaq. Total volume was about 1.1 billion on New York and over 1.8 billion shares on Nasdaq.

TheTechTrader.com board, as a result, was mixed, with very few point-plus gainers. Leading the way by far today was Lightbridge Corporation (LTBR), which announced a new fuel technology that exploded the stock up 3.58 to 9.49. That was a gain today of 60.5% on 1.6 million shares, by far the biggest volume in its history as this is a fairly thin stock. The stock closed at a 9-month high, and it augurs well for future price appreciation in the next few sessions, as it closed at the high for the day going away on heavy volume.

The only other point-plus gainer on our board was Las Vegas Sands Corp. (LVS), up 1.00 at 27.04.

Other stocks of note on the plus-side were China Automotive Systems Inc. (CAAS) up 55 cents at 19.97, Dendreon Corp. (DNDN) up 57 cents at 35.13, OmniVision Technologies Inc. (OVTI) up 50 cents at 22.81, and RINO International Corporation (RINO) up 55 cents at 13.95.

On the downside, the only point-plus losers were Apple Inc. (AAPL) down 2.88 to 270.97, and Google Inc. (GOOG) off 4.20 at 482.05.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply in the morning, rallied back nicely to test overhead resistance at the declining tops lines, failed there and rolled over, and with a half hour to go they bounced again to close mixed on the session.

The indices now have 4-waves down and perhaps a start on the 5th. We’ll see if it extends or is truncated and whether or not the indices can rally back to test additional overhead resistance up near the 1890-1900 zone on the NDX and up around the 1100-10 zone on the SPX.

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