The stock market indices had another turn-around Tuesday as they experienced by a big gap up this morning in a 5-wave move that took them to new snapback-rally highs above 2290 Nasdaq 100 and above 1195 on the S&P 500. With about an hour and a half to go, the indices rolled over and came down hard, plunging through sever layers of support to new session lows. The NDX went from 2290 down to 2241, and the S&P 500 went from 1196 down to 1170. Only in the last five minutes did they snapback. The S&P 500 bounced about 5 points, and the NDX bounced about 12 or 13 points. Nevertheless, it was an up-day despite all of that.

Net on the day, the Dow was up 146.83, and at one point it was up as much as 330, closing at 11,190.69. Still a disappointing close. The S&P 500 was up 12.43 at 1175.38, 20 points off its high, and the Nasdaq 100 was up 19.27 at 2353.55, 37 points off its high.

Advance-declines were 5 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was 4 to 1 positive on New York, with total volume of 1.175 billion shares traded today. Nasdaq traded over 2 billion shares and had a 4 to 1 positive volume ratio. However, the ratios were much higher midday.

TheTechTrader.com board was mostly higher, although the ultra-shorts got slaughtered. They did come way back off the lows. The Direxion Daily Small Cap Bear 3X Shares (TZA) was down 3.13 to 46.09, the iPath S&P 500 VIX Short-Term Futures ETN (VXX) down 96 cents to 47.64, the VelocityShares Daily 2x VIX ST ETN (TVIX) 2.58 to 72.12, and the Direxion Daily Financial Bear 3X Shares (FAZ) 94 cents to 60.44, after being as low as 55.85 earlier in the day. The Direxion Daily Large Cap Bear 3X Shares (BGZ) dropped 1.46 to 41.41, and the ProShares UltraShort DJ-UBS Crude Oil (SCO) lost 3.96 to 58.41.

The Direxion Daily Small Cap Bull 3X Shares (TNA), which went from 38 to 41 and change, closed back at 39.10, up 2.41.

Gainers on our board today included Youku.com Inc (YOKU) up 1.38 to 20.27, Universal Display Corp. (PANL) up 1.44 to 53.08, Molycorp, Inc. (MCP) 3.30 to 37.86, MAKO Surgical Corp. (MAKO) 1.30 to38.43, InterDigital, Inc. (IDCC) 1.95 to 51.49, Flotek Industries Inc. (FTK) 1.24 to 5.87, Travelzoo Inc. (TZOO) 74 cents to 24.72, Maxwell Technologies Inc. (MXWL) 1.02 to 20.30, and Range Resources Corporation (RRC) 3.41 to 63.41.

Google Inc. (GOOG) was up 7.45 to 539.34, and International Business Machines Corp. (IBM) up 3.20 to 177.71.

On the downside, Coffee Holding Co. (JVA) was down 1.84 to 9.98, Netflix, Inc. (NFLX) down 4.75 to 127.49, Apple Inc. (AAPL) 3.91 to 399.26, and Amazon.com Inc. (AMZN) 5.64 to 224.21.

We’ll see how it goes tomorrow. This late sell off may have been significant. Today’s the Bradley Turn date. We’ll see if that means anything.

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