The stock market indices suffered some losses today with damages much deeper on Nasdaq, but individual stocks took a hit today as the indices rolled over early, had new pullback lows just before midday, and then snapped back in a 3-wave rally. At one point they were actually up on the session on the S&P 500 and Dow. In the last hour they backed off once again to pare back the rally and end up negative on the session.

Net on the day, the Dow was just down 2.49 at 11,822.80, the S&P 500 down 1.66 at 1280.26, and Nasdaq 100 down 17.24 at 2286.08. That was about 18 points off its low, so about a 50% retracement off the low on Nasdaq.

Technicals were worse than 3 to 2 negative on the New York Stock Exchange, and 2 1/2 to 1 negative Nasdaq. Up/down volume was 6 to 5 negative on New York with total volume just under 1.17 billion. Nasdaq traded nearly 2.3 billion shares and had about a 3 to 1 negative ratio, picking up steam on the downside there.

TheTechTrader.com board was mostly lower, with some gainers and some big losers. Amazon.com Inc. (AMZN) dropped 4.91 to 181.96. Apple Inc. (AAPL) lost 6.16 to 332.68. Chipotle Mexican Grill, Inc. (CMG) fell 6.29 to 223.04, and Travelzoo Inc. (TZOO) gave back 3.37 to 47.18. Acme Packet, Inc. (APKT) got hit for 3.97 to 52.58.

On the plus side, the big gainer was Dillard's Inc. (DDS) up 4.42 to 41.96. eBay Inc. (EBAY) jumped 1.67 to 30.77, Parexel International Corp. (PRXL) 1.28 to 21.24, and Office Depot, Inc. (ODP) 42 cents to 5.93. Biolase Technology, Inc. (BLTI) was the big percentage gainer today, up 1.13 to 2.80, a 68% gain. Kingtone Wirelessinfo Solution Holding Ltd. (KONE) advanced 35 cents to 3.51, and GT Solar International, Inc. (SOLR) 46 cents to 11.21.

In addition, Ultra-short ProShares UltraShort Silver (ZSL), with silver coming down sharply, jumped 97 cents to 12.13.

Stepping back and reviewing the hourly chart patterns, the indices opened lower, snapped back, and then rolled over hard, reaching their session lows under 2270 on the Nasdaq 100 and under 1272 on the S&P 500. At that point they began a 3-wave rally which brought them up substantially. As a matter of fact, the S&P 500 went to new session highs with about an hour to go only to pullback again before the close and end with slight losses on the day. Still, the individual stocks looked a lot worse than the indices did and we’ll have to see what that means going forward. Certainly, the back of the trend may have been broken.

We’ll see with the snapback whether the rally will be able to roll on. It’s going to take some doing by the bulls here, but we’ll see what occurs.

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