The stock market indices started out the week on a down note, but came back from deeper losses. The day started out with a move down. Then they bounced, with the S&P 500 not keeping pace with the Nasdaq 100 when the NDX retested Friday’s high. They then rolled over to the session lows, making new lows for the day on the NDX, under 2185, but the SPX held its morning lows. That triggered a snapback move that was slow and steady, but not with enough thrust to get it going past the highs. When they did reach the highs and made nominal new highs, they immediately reversed late in the session, backed off, and closed with minor losses today.

Net on the day, the Dow was down just 19.90 at 11,362.19, the S&P 500 down 1.59 at 1223.12, and the Nasdaq 100 down 1.36 at 2189.81.

Advance-decline and up/down volume were slightly negative on the New York Stock Exchange, which traded very light volume of 750 million shares. Advance/declines were positive by 15 to 11 and up/down volume positive by 3 to 2 on Nasdaq, which traded 1.6 billion today.

TheTechTrader.com board was mostly higher, but it was a mixed picture. Leading the way today was Polypore International Inc. (PPO), up 5.90 to 42.02, and Molycorp, Inc. (MCP), up 5.00 to 32.80.

In addition, Alliance Fiber Optic Products Inc. (AFOP) was up 1.74 to 12.80, Compellent Technologies, Inc. (CML) up 1.06 to 28.57, Rare Element Resources Ltd. (REE) 1.38 to 11.20, SodaStream International Ltd. (SODA) 1.68 to 35.00, Synergetics USA, Inc. (SURG) up 61 cents to 4.10, Magic Software (MGIC) 47 cents to 6.56, Delcath Systems Inc. (DCTH) 81 cents to 10.71, and Amarin Corporation plc (AMRN) 39 cents to 5.93.

Among other gainers of note, DryShips, Inc. (DRYS) advanced 33 cents to 6.21, EZchip Semiconductor Ltd. (EZCH) 98 cents to 28.81, Adventrx Pharmaceuticals, Inc. (ANX) 27 cents to 2.64, Amtech Systems Inc. (ASYS) 1.79 to 24.97, and Aastrom Biosciences, Inc. (ASTM) 36 cents to 3.24.

On the downside, there were no point-plus losers other than Green Mountain Coffee Roasters Inc. (GMCR), which dropped 1.13 to 35.15.

Stepping back and reviewing the hourly chart patterns, the indices were back and forth in the morning, dipped midday, then rallied back to tag nominal new highs with about 15 minutes to go, and then sold off into the close to close slightly negative on the day.

Not a bad start. A bit more on the consolidative side. We’ll see what it leads to tomorrow.

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