The stock market indices had a very tough session today as the early morning spike-up at the opening was the high for the day. They reached new highs over 1190 on the S&P 500, and just over 11,400 on the Dow, while the Nasdaq 100 reached 2153. But they came back dramatically lower off those highs, had a very early morning sell off, and about a .382 Fibonacci retracement took place that took them to resistance late morning. They rolled over to new session lows only to bounce back again, consolidate in bear wedges, and roll over strongly in the last hour. They had a snapback attempt, looked like support had held, and then sold them off at close, closing not too far off the lows, with a little late snapback keeping them from closing right at the lows.

Net on the day, the Dow was down 170.89 at 11,149.82, more than 250 points off the highs. That was an extremely negative reversal for the Dow today. The S&P 500 was down 18.33 at 1159.37, 31 points off the high, and the Nasdaq 100 closed down 36.83 at 2108.21, making it a very negative day for the Nasdaq 100 as well.

Advance-declines were more than 3 to 1 negative on the New York Stock Exchange, and 4 to 1 negative on Nasdaq. Up/down volume was 3 1/2 to 1 negative on New York, with a total volume of 1.5 billion. Nasdaq had a very strong negative plurality with 180 million up and 1.6 billion down, about an 8 to 1 negative ratio.

So, it was an extremely ugly, negative day for the indices.

TheTechTrader.com board, as a result, was mostly lower. Many of the stocks that made gains over the last couple days gave back most, if not all, of it today. However, there were some outstanding stocks today. In particular, Universal Display Corp. (PANL) exploded from 42 1/2 to 53 1/2, closing up 6.31 to 46.73. That was the star of the day. Cavium Networks, Inc. (CAVM) was up 1.10 to 27.74, and Zillow, Inc. (Z) 3.99 to 30.25. That was another big mover, which traded four points higher than that earlier. VirnetX Holding Corp. (VHC) jumped another 1.40 to 20.50.

Those were all of the point-plus gainers other than the ultra-short ETFs on our board.

The ultra-shorts did jump, and the Direxion Daily Small Cap Bear 3X Shares (TZA) was up 3.30 to 51.09. The Direxion Daily Financial Bear 3X Shares (FAZ) gained 1.31 to 61.28, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) 2.04 to 45.53.

Other stocks of note included Signet Jewelers Limited (SIG) up 1.24 to 36.40, China Unicom (Hong Kong) Limited (CHU) 81 cents to 19.84, HEICO Corp. (HEI) 2.74 to 53.72. First Majestic Silver Corp. (AG) 74 cents to 21.77, and Royal Gold, Inc. (RGLD) 3.60 to 72.39.

On the downside, multiple-point losses included Apple Inc. (AAPL) down 2.46 to 373.72, but more than 20 points off the low overnight. InterDigital, Inc. (IDCC) was down 1.81 to 66.12, International Business Machines Corp. (IBM) 1.18 to 165.58, Global Crossing Ltd. (GLBC) 1.37 to 26.53, Molycorp, Inc. (MCP) 1.42 to 50.67, and SodaStream International Ltd. (SODA) 1.12 to 33.79. Youku.com Inc (YOKU) was down 1.27 to 23.11.

The Direxion Daily Small Cap Bull 3X Shares (TNA) was down 3.01 to 39.78.

Stepping back and reviewing the hourly chart patterns, the indices were up at the opening, and then dropped sharply, stair-stepping their way down in a 5-wave decline, ending the day not far off the session lows.

It was a decidedly negative reversal day for the indices.

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