The indices were extremely oversold going into the session and they sure worked their way higher off the opening drop, but the technicals were rather poor for an up-day.  At the peak today when Nasdaq was at its 1480 high for the session, or up around 13, the advance-declines on New York were about 3 to 1 negative and on Nasdaq they were 3 to 2 negative.

They ended 26 to 7 negative on New York and 2 to 1 negative on Nasdaq, and the lack of technical underpinnings and the failure to take out resistance led to a last 2-hour pullback and net on the day it was a mixed session.

The Dow closed down 14 1/2, the S&P up 0.8, the Nasdaq 100 up 6 2/3 and Composite up 0.88, despite the fact that the SOX was up more than 1 percent, or 4.77 points.

The interesting part was that up/down volume on New York was 11 to 6 negative.  It was 10 to 6 positive on Nasdaq.  A total of about 1.7 billion was traded on New York and 1.7 billion also on Nasdaq.

But it was a poor finish and I would not be surprised if we still have some downside left before we get a final low.

The technicals were poor today, but I'm still expecting that any final move down will be the final move of this decline before we set into a rally of at least several days, because the McClelland oscillator is now at -336, the 3rd most oversold reading in the last 10 yrs!!

TheTechTrader.com board was negative on the smaller caps, but somewhat positive on the larger caps.  Only BOOM, which snapped back 1.41 from yesterday's late afternoon steep sell-off, was up more than a point today.

Other stocks of note, QLGC was up 72 cents, BRCM 48 cents, and the SMH as a result up 47 cents.

On the downside, uranium stock USU fell 1.43 and CRYP on some online gambling legislation that did not go well was down 2.55, taking a big hit today.

SIGM was down 55 cents today, and junior energy stocks got hammered, with GEOI down 68 cents and more than 25% off the high of just a couple days ago.

In addition, USEG dropped from over 8 to under 6 in the last couple days and was down 71 cents today.

Other than that nothing else on our board was up or down as much as 50 cents.

Stepping back and reviewing the overall patterns, we've had a very distinct down-channel for the last two weeks, and although the oscillators are extremely oversold the market did not manage to rally impressively; rather, I'd say "unimpressive" was the word today.

However, I expect a retest and perhaps a successful one, but even if lower lows are made I would use that as a buying opportunity.

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.