The stock market indices opened with sharp gaps down on negative futures partially due to Cisco’s disappointing earnings, but within minutes reached their session lows. They immediately turned around and started a multi-hour, 5-wave advance that took the Nasdaq 100 from 2145 to 2177. The S&P 500 held support at 1204 and snapped back to 1215, but in the last 1-1 1/2 hours pulled back. Only in the last 5-10 minutes did the indices snap back to reduce the losses.

Net on the day, it was a losing session, as the Dow was down 73.94 at 11,283.10, the S&P 500 down 5.17 at 1213.54, and Nasdaq 100 down 14.63 at 2173.11.

Advance-decline were nearly 2 to 1 negative on the New York Stock Exchange, and the same amount on Nasdaq. Up/down volume was 5 to 3 negative on New York with total volume just under 930 million shares. Nasdaq advance-decline worse than 2 to 1 negative with a whopping volume of more than 2.5 billion shares traded.

TheTechTrader.com board was mixed. Leading the way on the plus side was MakeMyTrip Limited (MMYT) up 4.34 to 38.76. Approach Resources, Inc. (AREX) advanced 2.13 to 18.72, IDT Corporation (IDT) 1.01 to 18.98, Golden Minerals Company (AUMN) 1.46 to 26.00, and Brigham Exploration Co. (BEXP) 1.50 to 25.63, setting new all-time highs today.

Those were the point-plus gainers on our board today.

In addition, Cheniere Energy, Inc. (LNG) gained 95 cents to 4.54, a nice percentage gain there. Flotek Industries Inc. (FTK) jumped 60 cents to 2.77, and Heelys, Inc. (HLYS) 51 cents to 3.35,

On the downside, Apple Inc. (AAPL) lost 1.38 to 316.65, and continues to act relatively weaker, as does Amazon.com Inc. (AMZN), down 2.96 to 170.37. ZAGG Incorporated (ZAGG) really gave it back today, down 1.13 to 7.16 after disappointing earnings yesterday.

Stepping back and reviewing the hourly chart patterns, the indices plunged at the opening but snapped back smartly in a 5-wave advance before giving it back just before the close, and then snapping back in the last five minutes.

It was a losing day for the indices, and perhaps the rollover that we were anticipating may be getting underway.

We’ll see if this snapback rally is nothing more than a retest of resistance, or whether they can blow through here and take the shorts to the woodshed once again. We’ll see what happens.

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