The stock market indices had an interesting session, except for some losses, but came way off the lows. The day started out with big gaps to the downside. The indices moved lower immediately, but then reversed try to test resistance. When that failed, they rolled over even more sharply, and reached their session lows at 2353 on the Nasdaq 100, and near 1277 1/2 on the S&P 500. They rallied sharply back, took about a 50% retracement, and then pulled back in an orderly fashion to form a right-handed extended V-pattern. When mid-afternoon support held, they rallied back to previous rally highs, backed off, and came on into the close, closing at the afternoon and session snapback highs.

Net on the day, the Dow was down 48.96 at 12,422.06, or 110 points off the low. The S&P 500 was down 6.41 to 1289.09, or 12 points off its low, and the Nasdaq 100 down 10.01 at 2371.98, almost 20 points off its low.

Advance-declines were a little less than 2 to 1 negative on the New York Stock Exchange, and about 2 to 1 negative on Nasdaq. Up/down volume was 3 to 1 negative on New York, with total volume of 800 million shares traded today. Nasdaq traded about 1.6 billion shares and had a 5 to 3 negative volume ratio.

TheTechTrader.com board, as a result, was mixed on the session, but there were quite a few outstanding gainers on our board today. Leading the way today, Idenix Pharmaceuticals Inc. (IDIX) was up another 1.71 to 14.42, or 13 1/2%; ZAGG Incorporated (ZAGG) up 97 cents to 8.10, or 13 1/2%; China Ming Yang Wind Power Group Limited (MY) 45 cents to 2.63, or 20%; STEVIA CORP (STEV) 79 cents to 1.74, or 82%; BroadVision, Inc. (BVSN), continuing its monster move of late, more than doubling the last week and a half, up 2.02 to 17.57, or 13%; and Rovi Corporation (ROVI) 2.88 to 30.39, or 10 1/2%.

Other stocks of note included Sturm, Ruger & Co. Inc. (RGR) up 2.81 to 38.68, Endologix Inc. (ELGX) 85 cents to 12.63, Achillion Pharmaceuticals, Inc. (ACHN) 61 cents to 12.37, SodaStream International Ltd. (SODA) 2.66 to 39.96, Westlake Chemical Corporation (WLK) 2.63 to 53.87 in an acquisition, Fusion-io Inc. (FIO) 1.39 to 27.83, OpenTable, Inc. (OPEN) 1.84 to 47.30, Hi Tech Pharmacal Co. Inc. (HITK) 1.69 to 36.76, IPG Photonics Corporation (IPGP) 2.18 to 49.57, and Questcor Pharmaceuticals, Inc. (QCOR) 1.21 to 36.48.

In addition, Netflix, Inc. (NFLX) jumped 2.23 to 94.38, and Onyx Pharmaceuticals Inc. (ONXX) snapped back 1.13 to 44.09. Mitek Systems Inc. (MITK) was up another 31 cents to 9.14.

On the downside, multiple-point losers on our board today included Apple Inc. (AAPL) down 1.58 to 419.81, First Solar, Inc. (FSLR) down 1.67 to 39.92, Golar LNG Ltd. (GLNG) 2.05 to 42.30, Goldman Sachs (GS) 2.25 to 98.96, International Business Machines Corp. (IBM) 1.39 to 179.16, and Molycorp, Inc. (MCP) 1.06 to 28.69.

As you can see, many of the market leaders we follow did not do well today. It certainly was a digestion session, and a pullback session. They tested support initially, and bounced, but the key is to watch today’s lows on Monday. That’s 2353 on the NDX and around 1278 on the S&P 500.

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