The stock market indices suffered losses today, although the Dow masked that with a big gain from International Business Machines Corp. (IBM), which jumped more than 5 today. It was unusual to see bigger losses in the Nasdaq 100 and S&P 500.

The day started out with a move down. They went lower all session in a very orderly down channel and in five waves. At the end of the day, they managed to snapback to pare back the losses.

Still, net on the day, the Dow was down 12.64 at 11,825.29, the S&P 500 down 13.10 at 1281.92, and the Nasdaq 100 down 25.47 at 2303.32.

Advance-declines were about 3 1/2 to 1 negative on the New York Stock Exchange. On Nasdaq, there were about 470 issues up and 2209 down today, or a 5 to 1 negative ratio. Up/down volume was about 9 to 1 negative on New York on total volume of 1.17 billion. Nasdaq traded nearly 2.2 billion shares and had about a 6 to 1 negative ratio. So, a decidedly negative day on Nasdaq.

TheTechTrader.com board had some gainers today, although almost all issues were lower. On the upside, ADTRAN Inc. (ADTN), which we traded today, was up 2.60 to 42.25. Cimatron Ltd. (CIMT) advanced 72 cents to 4.35, a 20% gain, and Genetic Technologies Ltd. (GENE) rose 1.49 to 4.85, a 44% gain.

In addition, IntelliPharmaCeutics International Inc. (IPCI), a swing trade idea of ours, was up 82 cents to 5.94 for a 16% gain. ICAgen Inc. (ICGN) jumped 73 cents to 3.10, a 32% gain, and Opexa Therapeutics, Inc. (OPXA) 44 cents to 2.54, a 21% gain. Bitauto Holdings Limited Americ (BITA) was up 1.08 to 10.44.

In the ETF sector the winners included Direxion Daily Small Cap Bear 3X Shares (TZA) up 1.06 to 15.26, and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) up1.59 to 32.15. Those were two day trade picks from TheTechTrader.

On the downside, leading the way were many point-plus losers. Goldman Sachs (GS) fell 8.19 to 166.49, Amazon.com Inc. (AMZN) 4.38 to 186.87, Acme Packet, Inc. (APKT) 4.11 to 56.55, and Apple Inc. (AAPL) 1.81 to 338.84, 10 points off its high today erasing all of its early gains.

Amtech Systems Inc. (ASYS) lost 1.48 to 26.46, American International Group, Inc. (AIG) 2.15 to 51.02, and Chipotle Mexican Grill, Inc. (CMG), a Boxer Short, 3.37 to 229.33. IDT Corporation (IDT) got hammered for 2.80 to 24.83. InterMune Inc. (ITMN) dropped 1.54 to 37.11, Lululemon Athletica Inc. (LULU) 2.66 to 68.31, and Molycorp, Inc. (MCP) 2.31 to 45.05.

Low-priced China Shen Zhou Mining & Resources, Inc. (SHZ) gave back a big part of its recent gains, down 1.50 to 6.61, and Travelzoo Inc. (TZOO) fell 1.17 to 50.55 after reaching nearly 52 earlier in the morning.

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

Stepping back and reviewing the hourly chart patterns, the indices basically opened lower, went lower, and stair-stepped in five waves all day before the final bounce in the last 20-30 minutes brought them back to pare back the losses. But still a negative day, and possibly the kind of day with technicals as negative as they were that broke the back of this recent run as we closed firmly below the moving averages on the hourly charts. A very negative indicator for me.

Let’s see if there’s any downside follow-through, and we’ll soon see what the bears have in their arsenal.

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