The stock market indices had a down day, but most of their losses were in the first few minutes, with large gaps down. They then snapped back to resistance twice in the morning at 2440 on the Nasdaq 100, and the S&P 500 snapped back to 1314. They pulled back, retested successfully, and bounced again, but couldn’t get back to resistance on the NDX. The S&P 500 did make some nominal new highs, backed off in the last half hour, but came on in the last 10 minutes.

Net on the day, the Dow was down 33.07 at 12,675.75, 60 points off its low. The S&P 500 was down 1.35 to 1314.65, 8 points off its low, and the Nasdaq 100 down 3.26 at 2433.96, 10 points off its low.

Advance-declines were 250 issues positive on the New York Stock Exchange, and about 500 issues positive on Nasdaq. Up/down volume was just slightly positive on both exchanges. New York had a total volume of 725 million shares traded today. Nasdaq traded about 1 2/3 billion shares and had a 9 to 7 positive volume ratio.

TheTechTrader.com board was mostly higher today, with junior biotech stocks particularly strong. Idenix Pharmaceuticals Inc. (IDIX) rose 1.08 to 14.89, Achillion Pharmaceuticals, Inc. (ACHN) 1.54 to 16.72, and Dendreon Corp. (DNDN) 76 cents to 13.97.

BroadVision, Inc. (BVSN) was all over the place this morning, exploding to as high as 44 3/4, closing at 33.99, up 74 cents on the day, but way off the high, and perhaps a reversal day.

Low-priced Spanish Broadcasting System Inc. (SBSA) was up 1.83 to 7.36, or 33%, while Bon-Ton Stores Inc. (BONT) gained 53 cents to 3.76, or 16 1/2%, and low-priced TearLab Corporation (TEAR) advanced 36 cents to 1.61, or 29%.

In addition, Dunkin’ Brands Group (DNKN) jumped 1.05 to 26.75, International Business Machines Corp. (IBM) 1.95 to 191.93, Universal Display Corp. (PANL) 2.12 to 40.74, Questcor Pharmaceuticals, Inc. (QCOR) 1.06 to 37.29, Diamond Foods, Inc. (DMND) 3.14 to 35.79, Jarden Corporation Common Stock (JAH) 3.08 to 33.79, and swing trade and Top 25 member Pharmacyclics Inc. (PCYC) 1.16 to 18.16.

Quest Diagnostics Inc. (DGX) had a big gain today, up 4.23 to 60.73. Swing trade Westport Innovations Inc. (WPRT) rose 2.46 to 38.06 on nearly 3 million share. Volterra Semiconductor Corporation (VLTR) was up 1.91 to 30.77, OSI Systems, Inc. (OSIS) 3.35 to 56.46 closing at new all-time highs, and Western Digital Corp. (WDC) 2.17 to 36.88,

LifePoint Hospitals, Inc. (LPNT), which we traded today, advanced 2.12 to 39.55, while NXP Semiconductors NV (NXPI) was up 1.16 to 21.71, coming way back off its low in the last few months, and Sturm, Ruger & Co. Inc. (RGR) up 1.93 to 38.52. Top 25 member Select Comfort Corporation (SCSS) gained 1.21 to 24.31, Green Mountain Coffee Roasters Inc. (GMCR) 2.15 to 50.60, Acme Packet, Inc. (APKT) 1.31 to 31.35, and Medivation, Inc. (MDVN) 2.10 to 52.55.

On the downside, only Apple Inc. (AAPL) lost more than a point, down 7.00 to 420.41 ahead of earnings tonight, but it will be slightly higher in the aftermarket. However, earnings have not been released yet, and Netflix, Inc. (NFLX) was down 1.29 to 92.67.

Stepping back and reviewing the hourly chart patterns, the indices were down sharply at the opening on a gap lower, and rallied back sharply for about a two-thirds retracement, nearly all of it on the NDX. They backed off sharply on the NDX, not sharply on the S&P 500. When the S&P 500 refused to follow the NDX, they then both snapped back into the last hour only to back-and-fill into the close and end up with slight losses on the day, but not that bad.

Overall, when you look at the last 3-4 day pattern, it could be forming a topping pattern here. We’ll just have to see whether it’s a consolidation pattern or a topping pattern. If they open lower tomorrow, and come down sharply, that could be it for this rally.

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