The stock market indices closed the week with a thud at the lows for the day, the week, and almost for the month. The day started out with a gap down, taking the Nasdaq 100 to new lows, while the S&P 500 held its lows. That resulted in a 3-wave recovery rally that failed miserably by late morning. At that point they rolled over into a 5-wave sharp move into the close, taking the NDX from 2185 down to 2139. The S&P 500 dropped from 1154 down to 1132, closing at the session lows going away.

It was a pretty ugly day on Wall Street, to say the least.

Net on the day, the Dow was down 240.60 at 10,913.38, the S&P 500 down 28.98 at 1131.42, and the Nasdaq 100 down 58.50 at 2139.18.

Advance-declines were 4 to 1 negative on the New York Stock Exchange, and 3 1/2 to 1 negative on Nasdaq. Up/down volume was a whopping 15 to 1 negative on New York, with total volume of 1.3 billion shares traded today. Nasdaq traded 2.1 billion shares and had a 9 to 1 negative volume ratio.

TheTechTrader.com board was mostly negative as one would imagine, but there was exciting movement in the ultra-shorts. We traded VelocityShares Daily 2x VIX ST ETN (TVIX) today, which jumped to my intermediate target, reaching 90 exactly today, closing at 89.43, up 11.25. The Direxion Daily Financial Bear 3X Shares (FAZ) was up 5.46 to 65.97, the Direxion Daily Small Cap Bear 3X Shares (TZA) up 4.42 to 52.97, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) 4.03 to 32.79, the Direxion Daily Large Cap Bear 3X Shares (BGZ) 3.13 to 46.28, and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) 3.51 to 53.37.

In addition, the ProShares UltraShort DJ-UBS Crude Oil (SCO) was up 5.64 to 65.25, and the ProShares UltraShort Silver (ZSL) jumped 1.12 to 17.11.

There were only a couple other gainers on our board today. They included Pandora Media, Inc. (P) up 1.37 to 14.65, and Spreadtrum Communications Inc. (SPRD) up 1.20 to 17.95.

On the downside, Apple Inc. (AAPL) was down 9.25 to 381.32, International Business Machines Corp. (IBM) down 4.30 to 174.87, Goldman Sachs (GS) 5.32 down to 94.55, LSB Industries Inc. (LXU) 2.59 to 38.67, Molycorp, Inc. (MCP) 1.19 to 32.87, SodaStream International Ltd. (SODA) 1.76 to 33.05, VirnetX Holding Corp (VHC) 1.21 to 14.99, InterDigital, Inc. (IDCC) 3.20 to 46.58, and First Solar, Inc. (FSLR) 1.82 to 63.21.

In addition, other losers of note included Amazon.com Inc. (AMZN) down 6.21 to 216.23, Chipotle Mexican Grill, Inc. (CMG) down 10.19, Lululemon Athletica Inc. (LULU) 3.22 to 48.69, Green Mountain Coffee Roasters Inc. (GMCR) 3.45 to 92.94, Coffee Holding Co.Inc. (JVA) 99 cents to 7.49, and Sina Corp. (SINA) 1.62 to 71.61.

A very bad day for the stock market for sure.

Stepping back and reviewing the hourly chart patterns, the indices gapped down, rallied back in a 3-wave corrective move, and then rolled over in a 5-wave decline into the lows to close at the lows for the day and week on the Nasdaq 100. The S&P 500 closed right at, or slight above, the lows for the week.

It was certainly an ugly way to close the week.

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