The stock market acted very similarly to what we saw on Monday and Tuesday, when it rallied back from its lows but failed miserably after the Fed announced on Tuesday afternoon. The market rallied back again today in a similar looking pattern, especially on the S&P 500. They reached to just beneath resistance on the Nasdaq 100 and way below it on the S&P, and rolled over in the afternoon. They accelerated downward towards the close and gave back the day's gains, ending up closing at the lows for the day going away.

The Dow closed down 13 and change, the S&P 500 a little more than 1, the Nasdaq 100 a little less than 2, and the Composite only up 0.84 today. The SOX was up a point.

So, a narrow day at the end, but it was volatile with a two-step rally in the morning and a sharp pullback in the afternoon.

Despite the losses, however, the technicals still managed to stay positive by 3 to 2 on New York and about 8 to 7 on Nasdaq. Up/down volume was 7 to 5 positive on New York and minus 7 positive on Nasdaq. Total volume was a little more than 1.3 billion on New York and a little less than 1 2/3 billion on Nasdaq.

TheTechTrader.com board was active, but narrowly mixed other than low-priced LEXR. The company had very big news before the session began of a major lawsuit settlement, and the stock gained over 100% today, closing at 6.32, up 3.15 on 123-plus million shares traded. Phenomenal, especially as there's only 74 million shares outstanding.

BOOM had a positive day, up 1.20. ENER snapped back 58 cents in energy sector, GEOI was up 33 cents, and USEG up 18 cents.

One other important note, TASR jumped 1.83 on 27 million shares after its products were approved in the United Kingdom.

On the downside, CRYP gave back 1.07, but most other stocks were just off fractionally.

Stepping back and reviewing the hourly chart patterns, the indices snapped back right to the declining 40-day moving average resistance on the NDX and the declining 21 day moving average on the S&P, and failed miserably right there mid-day and sold off at the end of the day.

As I indicated to subscribers earlier today, I suspected a retest would occur. We certainly got that and more, and it remains to be seen on Monday if the indices can hold this week's lows. A retest of that certainly may occur on Monday, but the oscillators remain oversold, and I'm expecting higher prices at some point next week.

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.