The stock market indices ended the week on a sour note. Although the Dow and S&P 500 were still up on the day, they fell substantially off the highs and the Nasdaq 100 plunged into negative territory, closing down on the day.

Net on the day, the Dow was up 49.04 at 11,871.84, the S&P 500 up 3.09 at 1283.35, and Nasdaq 100 down 17.76 at 2268.32.

Advance-declines on the New York Stock Exchange were only ahead by 150 issues, and on Nasdaq they were lower by 500 issues. Up/down volume was 7 to 5 positive on New York on volume of 1.25 billion. Nasdaq traded nearly 1.9 billion shares and had 12 to 7 negative volume ratio.

TheTechTrader.com board was vastly lower. Some of the big boys, particularly Google Inc. (GOOG), had an extremely negative session. Google moved as high as nearly 642.00 in the morning, and closed at 613.05, down 13.72, a big reversal day there.

Apple Inc. (AAPL) also reversed from nearly 335 to 326.72, down 5.96 on the day. Amazon.com Inc. (AMZN) was down 4.54 to 177.42. So large-cap Nasdaq stocks turned lower today and reversed off their earlier highs.

Other stocks of note on the downside included Molycorp, Inc. (MCP) down 2.60 to 42.99, Brigham Exploration Co. (BEXP) 1.20 to 25.77, OmniVision Technologies Inc. (OVTI) 1.23 to 28.36, and Lululemon Athletica Inc. (LULU) 1.00 to 66.95, among many others.

On the plus side, the leader was Polycom, Inc. (PLCM) up 5.90 to 44.08, Cognex Corp. (CGNX) 1.21 to 29.62, and several others that were fractional gainers.

GT Solar International, Inc. (SOLR), a swing trade pick of ours, had a good session, up 47 cents to 11.68. Acme Packet, Inc. (APKT) jumped 1.67 to 54.25, but that was after a couple days of hard losses.

Stepping back and reviewing the hourly chart patterns, the indices gapped up in the morning, ran up to new highs for the snapback rally, but failed right at resistance at 2300 on the NDX and around 1290 on the S&P 500, which were key areas. They then reversed south, bounced midday and early afternoon, and in the last hour rolled over in to new session lows to close mixed on the session.

It wasn’t a very good day for the indices overall. The market may have seen the top in this time frame, as we had expected, so we’ll see what kind of follow-through to get to the downside, if any, next week.

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