The stock market indices marked time today. They did open sharply lower, but then bounced and basically moved back and forth in a coiling fashion on the Nasdaq 100. They bounced around in the morning, and then pulled back in a flag-like fashion on the S&P 500, but at the end of the day it was a Mexican standoff.

Net on the day, the Dow was down just 1.29 at 12,213.09, and the S&P 500 down 1.80 at 1320.02. But the Nasdaq 100 fell a little bit sharper with some of the big-cap names selling off today, down 14.86 at 2322.69.

Advance-declines were 15 to 14 negative on the New York Stock Exchange, and 3 to 2 negative on Nasdaq. Up/down volume was about 11 to 10 negative on declining volume over advancing volume on New York, with total volume a light 815 million shares. Nasdaq traded just under 2 billion and had about a 12 to 7 negative volume ratio.

TheTechTrader.com board was mixed, with several large gainers. These included Ceradyne Inc. (CRDN) up 7.19 to 46.04, AeroVironment, Inc. (AVAV) 3.87 to 32.48, and and Carmike Cinemas Inc. (CKEC) 1.00 to 7.75.

A couple low-priced stocks ran today with Star Scientific, Inc. (CIGX) up 33 cents to 2.38, Majesco Entertainment Co. (COOL) 59 cents to 2.25, and Rediff.com India Ltd. (REDF) 63 cents to 6.42.

In addition, InterMune Inc. (ITMN) gained 81 cents to 45.34, SodaStream International Ltd. (SODA) 88 cents to 42.44, and Amazon.com Inc. (AMZN) 2.16 to 169.05.

On the downside, Apple Inc. (AAPL) lost 3.29 to 352.47, Allot Communications Ltd. (ALLT) 1.47 to 13.58, and Molycorp, Inc. (MCP) 1.15 to 48.62, but was trading 2 points higher in the aftermarket on solid earnings. OmniVision Technologies Inc. (OVTI) dropped 1.48 to 31.62, and Spreadtrum Communications Inc. (SPRD) 1.38 to 21.45.

Stepping back and reviewing the hourly chart patterns, the indices came down sharply at the opening, bounced around in the morning, held support, and then tried to rally late morning, but could not get through the highs, backed off, and basically meandered sideways for the rest of the day in coiling fashion.

So, it was an indecisive pattern and near flat on the SPX and the Dow, but the NDX was a bit weaker today. Still, the pattern on the NDX showed narrowing coiling-type action. It was a non-trending day. The indices will have to make a move and decide which way they want to go. Right now the jury’s still out and it’s up in the air, but the patterns are looking toppy, in particular. If they break these recent support levels at around 2310 on the NDX and 1312-14 zone on the SPX, they could be in trouble.

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