The indices had another mixed session today, as the blue chips led the way higher, but the Nasdaq, led by the semiconductors on the downside, lost ground.

The day started out with a move up at opening but they couldn't hold it and sold off in the morning, but the Nasdaq sold off much more steeply than the S&P 500, which held support. Nasdaq broke initial support, tested secondary support and held there. When that occurred they rallied again, with the S&P going to new 2005 highs at 1276, but the Dow and NDX both failed to do so and caused an afternoon pullback and the indices fell into the close.

The Dow was up nearly 60, the S&P about 5 1/3, but the NDX was down 6 ¾ and SOX was down more than 2 points today.

The technicals were vastly different on both exchanges, with 20 to 13 advance-declines positive on New York and about 100 issues more negative on Nasdaq. Up/down volume was 2 to 1 positive with about 1.6 billion traded on New York but 2 to 1 negative with about 1 2/3 billion traded on Nasdaq.

TheTechTrader.com board was mixed. There were actually more large losers than gainers. Today's leading loser was (PWEI)PW Eagle, which got hammered for nearly 3 points and closed at 20 ½, down 2.97.

NMGC continued its slide this week, down 1.34 on 3 million. ATEA, one of our Charts of the Week, which had run up earlier this week, gave back 2 points today on 1/3 million shares.

Other losses of note, REDF gave back 66 cents, SWIR 58 cents, and BOOM 33 cents.

On the plus side, ABGX, one of our Model Portfolio stocks, ran up 46 cents at the close, but after the close Amgen announced they are acquiring ABGX for 22.50 a share. We eliminated our model portfolio position at 21.50 when trading resumed in the aftermarket.

Among other gainers, BCRX advanced 40 cents today, EGHT snapped back 40 cents from yesterday's losses, and most of the other stocks we follow were fractionally changed either way.

Stepping and reviewing the overall patterns, we have divergent indices, with the S&P making new highs and the Nasdaq trailing and the Dow not confirming as well.

Unless we get a thrust tomorrow from the get-go, we could very well be seeing a topping process taking place.

But we'll see if the blue chips are strong enough to drag the Nasdaq indices back up and pull them to new high territory. Right now the question is very much in doubt.

Good trading!

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a FREE 15-day trial to his Real-Time Technical Trading Diary, or sign up for a Free 30-Day Trial to his Top Charts of the Week service.