We had a down day, with most of the sell-off in the afternoon after the Fed announced.  The morning started out with a move up and then they pulled back before going sideways in a very narrow range ahead of the Fed announcement.  A little bit before the announcement the market moved up and retested the session highs.  They were just below them when the Fed announced another rate hike, and the market absolutely got slam-dunked. 

The Nasdaq 100 dropped from 1490 to 1465 in the space of an hour and 45 minutes.  The S&P dropped from 1190 to 1172 in the same period of time, a real nasty afternoon sell-off today, and we closed at or near the lows for the day.

Net on the day the Dow was down 95, the S&P 12, the Nasdaq 100 19 1/3 and the Composite 18-plus.  The SOX was down about 3.3 today, less than 1 percent.

Advance-declines were 24 to 9 negative on New York and little more than 3 to 2 negative on Nasdaq.  Up/down volume was decidedly negative on both exchanges by more than 2 1/2 to 1 on New York on volume of 1 2/3 billion.  Nasdaq traded 1.8 billion with more than 1 1/3 billion of it to the downside, or more than 3 to 1 negative.

TheTechTrader.com board was active and volatile.  BOOM had a phenomenal morning, extending yesterday's big gain.  It soared to near our trading target at 39 before succumbing sharply to heavy selling in the afternoon, dropping to under 34, closing at 34.70, reversing to down 51 cents on the day.

Other stocks of note, on the upside CRYP hit a new all-time high near 35, closing at 34 1/2, up 1.  FORD was up 1.78 on 2 million shares, a big gain there.  USU, a uranium stock, was up 49 cents, and CPWR was up 32 cents on a settlement of its lawsuit with IBM.

AIRT exploded today, ran up to nearly 19 1/2, before giving back nearly half its morning's gains, ending up 1.48 on the day on heavy volume.

On the downside, the junior energy stocks as indicated yesterday were way overextended and gave it back hard today.  ABLE was down 1.54, GEOI 88 cents, and USEG slam-dunked for 1.

Other losses of note, DSTI dropped to under 7, closing at 6.95, down 30 cents.  MDKI was off 54 cents, and PACT was down 30 cents.  Those were the other losers of the day on TheTechTrader.com board.

Stepping back and reviewing the overall patterns, the NDX dropped to a new 2005 low today and closed at the low for the day going away, so we could see lower prices.

The S&P is still above its January lows, which were down around the 1164-65 area, but we're not far from it.

It's going to be very interesting to see if the market reverses or extends its losses tomorrow morning, but with the oscillators as oversold as they now are, I expect we'll get  a sharp rebound over the next day or two.

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.