The stock market indices started the week on a positive note, but backed off in the afternoon in a consolidation formation and took back some of the gains.

Net on the day, the Dow was up 76.02 at 12,080.38, not for off the high for the day. The S&P 500 was up 6.86 at 1278.36, just 2 points off its high, and the Nasdaq 100 was up 11.40 at 2204.36, about 6 points off its high.

Advance-decline were better than 2 to 1 positive on the New York Stock Exchange, but less than 3 to 2 positive on Nasdaq. Up/down volume was about 5 to 2 positive on New York with total volume of only about 770 million shares today. Nasdaq traded 1.6 billion and had a 2 to 1 positive ratio.

The majority of stocks on TheTechTrader.com board were mixed, but there were several major important gainers today. Harbin Electric, Inc. (HRBN) jumped 4.96 to 13.35, up 59%, on a potential acquisition offer. Dex One Corporation (DEXO) rose 80 cents to 2.90, up 38%, on 8 million shares. Orsus Xelent Technologies Inc. (ORS) gained 86 cents to 4.05, up 27%, and Acura Pharmaceuticals Inc. (ACUR) 63 cents to 4.50, up 16%. LML Payment Systems Inc. (LMLP) was up 38 cents to 3.60, up 12%.

In addition, Renren Inc. American Depositary (RENN), which we traded, jumped 57 cents to 7.60. Molycorp, Inc. (MCP), which we also traded, gained 3.51 to 52.44. Ariad Pharmaceuticals Inc. (ARIA) advanced 65 cents to 9.97, on 5.5 million, up 7%, and Seattle Genetics Inc. (SGEN) was up 52 cents to 20.02.

Among other gainers of note, SodaStream International Ltd. (SODA) was up 1.54 to 52.99, Amazon.com Inc. (AMZN) 1.35 to 187.72, Cardiovascular Systems Inc. (CSII) 55 cents to 13.90, Cubist Pharmaceuticals Inc. (CBST) 72 cents to 35.68, and LSB Industries Inc. (LXU) 91 cents to 41.84.

On the downside, Apple Inc. (AAPL) lost nearly 5.00, down 4.94 to 315.32, and traded as low as 310.50, a new multi-month low today. Goldman Sachs (GS) was down 2.09 to 135.14, and Coffee Holding Co.Inc. (JVA) 2.49 to 13.10 on big profit-taking. OmniVision Technologies Inc. (OVTI) lost 92 cents to 28.75, Tesla Motors, Inc. (TSLA) 49 cents to 26.01, and Cree Inc. (CREE), a Boxer Short, was down 1.12 to 33.15.

Ultra-short ETF Direxion Daily Small Cap Bear 3X Shares (TZA) was down 1.14 to 40.33 and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) dropped 1.12 to 24.12.

Stepping back and reviewing the hourly chart patterns, the indices were up slightly at the opening and backed off. They tried to test resistance again and backed off again, and then finally broke through late in the morning to session highs during lunch hour. Again they backed off, came on again, and then rolled over in the afternoon, but managed to bounce in the last hour to preserve some of the gains for the day.

It was a decent start to the week, but we have key resistance at 1280 S&P 500 and 2210 on the NDX to get through before we can say that we may have turned the corner.

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