The indices had a very narrowly mixed day on Friday, but did have some volatility.  The day started out with a move up off the opening, but then quickly sold off, with the indices going to new pullback lows, before a mid-morning rally ensued.  It took us right back to resistance on the Nasdaq 100, and just a tad above it on the S&P 500.  But they failed to get through the declining tops resistance, and sold off for the next few hours into mid-afternoon, at which point from the lows for the session they bounced and came back, bringing the indices back towards the flat line.

The Dow was down just 2 1/2 points, the S&P was up 1 1/2, the Nasdaq 100 was only down 1/2 point today.   The SOX Index was down 2.64, but that was some 6 points off the lows, so the indices did stage a late recovery.

The technicals were 18 to 15 positive on advance-declines on New York and 16 to 13 on Nasdaq.  Up/down volume was slightly negative on New York with 1 1/2 billion traded, and slightly positive on Nasdaq with 1.7 billion traded.

TheTechTrader.com board was mixed and mostly narrow, but there were some outstanding issues today.  Viisage (VISG), one of our portfolio positions, was up 2.32 on 3 million shares to a new 52-week high.  Zevex (ZVXI) was up 1.93, NovAtel (NGPS) up 2.48, and in the low-priced sector AVI Biopharma (AVII) was up 76 cents on 7 1/4 million shares, a big percentage gain there.

In the alternative energy sector, Energy Conversion Devices (ENER) pulled back earlier in the day but came back with a roar and closed up 68 cents on the day on nearly 3 1/2 million years.  DayStar Technologies (DSTI) was up 87 cents.  Identix (IDNX), being acquired by Viisage, was up 80 cents.  Action in some of our other portfolio positions included Dynamic Materials Corp. (BOOM) up 60 cents, PW Eagle (PWEI) 34 cents, and Radvision (RVSN) up 39 cents. 

On the downside, Astea International (ATEA) gave back 42 cents, Lexar Media (LEXR) 44 cents, and Rediff.com India (REDF) 35 cents.

Stepping back and reviewing the hourly chart patterns, the indices made lower lows, took out minor support, and the S&P 500 broke through its 40-day moving average on the hourly charts.  But the NDX snapped back to close above it at the end of the day.

The jury is still out whether or not this is just a normal pullback in an ongoing uptrend, or whether the beginning of something worse, but we'll know more early next week.

Have a good weekend and enjoy the three-day holiday, as the market is closed Monday.

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.