The stock market indices ended up on the upside today, but had a difficult path. They started out with a gap up and ran to new highs on the S&P 500 just under the 1190 area, at 1189.43. The Nasdaq 100 jumped to 2106.24.

But then they began to roll over and then slipped hard over the next three hours in a 5-wave decline that took the NDX from 2106 down to 2070, a 36-point drop. The SPX dropped from just under 1190 to 1171. At that point they reversed sharply and rallied into the close to get back into the plus column.

The Dow was up 38.60 at 11,146.57, about 70 points off its high. The S&P 500 was up 2.09 at 1180.26, 9 points off its high. The NDX gained 4.35 at 2090.10, closing 16 points off its high today. It was a mixed session, but the indices ended positive, salvaging the day.

However, the technicals ended negative today. Advance-declines were negative by about 58 issues on the New York Stock Exchange, and on Nasdaq they were negative by 600 issues. Up/down volume was about 5 to 4 negative on New York with total volume of just over 1 billion shares. Nasdaq traded over 2 billion shares, and was almost dead-even flat on advancing volume versus declining volume.

So, a lot of churning today and perhaps a distribution day.

TheTechTrader.com board was mixed but there were several point-plus gainers. Amazon.com Inc. (AMZN) jumped 6.30 to 164.97, but was 7 points lower in the aftermarket after releasing earnings. Isilon Systems, Inc. (ISLN) snapped back 1.82 to 28.59.

Among other point-plus gainers, Select Comfort Corporation (SCSS) was up 1.02 to 7.70. Travelzoo Inc. (TZOO) had a spectacular session, jumping 5.02 to close at 31.80. China Yuchai International Limited (CYD) advanced 2.48, or almost 12%, to close at 23.50.

In addition, Polypore International Inc. (PPO) gained 79 cents to 34.53 today.

On the downside, point-plus losers included Apple Inc. (AAPL) down 1.01 to 309.52, Cree Inc. (CREE) down 1.34 to 48.74, and JinkoSolar Holding Co., Ltd. (JKS) down 1.66 to 27.02.

Among other losers of note, Trina Solar Ltd. (TSL) lost 97 cents to 26.13 in a continuing weak solar sector. Nanometrics Incorporated (NANO) dropped 68 cents to 12.45. McMoRan Exploration Co. (MMR) gave back 55 cents to 15.36, IDT Corp (IDT) 75 cents to 14.43, Exact Sciences Corporation (EXAS) 57 cents to 7.47, and Ebix Inc. (EBIX) 45 cents to 23.30. Amtech Systems Inc. (ASYS) fell 75 cents to 16.62.

Stepping back and reviewing the hourly chart patterns, the indices were up early, rolled over in a 5-wave decline at mid-day, but snapped back in the last couple hours to salvage the day. They closed back in the plus column, but with non-confirming technicals, perhaps it was a sign of a weakening market losing momentum.

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