It was another down day for Wall Street, and the vast majority of losses occurred in the first few minutes as the futures were down very sharply due to negative overnight earnings reports from some of the top tech names.

The indices gapped down huge, but snapped back with a vengeance and took back about two-thirds of the losses on Nasdaq and about 80% of them on the S&P 500, running right into resistance and then pulling back just as sharply.  In fact, the S&P and Dow went to lower lows by mid-afternoon, although the Nasdaq 100 held and a positive divergence was set up, causing a snapback in the afternoon that took the indices off the lows.  The S&P 500 closed at resistance, with the NDX backing off in the last few minutes from its resistance level.

Net on the day, the Dow was down 41 1/2, the S&P 500 down 5, the Nasdaq 100 down 19 3/4, and the SOX was actually up a fraction, up 0.45 today.  That was 10 points off the low, so a huge comeback there, which helped Nasdaq come off the lows a bit.

Reviewing the technicals, advance-declines were negative by 18 to 15 on New York and by about 16 to 14 on Nasdaq.  Up/down volume was 3 to 2 negative, with 1 2/3 billion on New York, and a whopping 2.35 billion traded on Nasdaq, with a little less than a 2 to 1 negative ratio.

TheTechTrader.com board was very mixed.  There were some outstanding stocks on both the upside and downside.  The upside leader by far was Energy Conversion Devices (ENER), which roared ahead another 4.45 on 4 1/4 million to a new all-time high, closing over 56 today. 

Phazar (ANTP), one of this week's Charts of the Week, advanced another 1.15 to 19.20, on 1.9 million shares, big volume for that thin stock, which at one point was over 20.

Stereotaxis (STXS) was up 1.72 on 1.3 million today, a big move there.  Vertex Pharmaceuticals (VRTX) gained another 77 cents today.  Portfolio position Radvision (RVSN) was up 50 cents, NeoMagic (NMGC) 32 cents, and this week's Chart of the Week NovAtel (NGPS) up 34 cents.

In the alternative energy sector other than ENER, Distributed Energy Systems (DESC) was up 81 cents and Evergreen Solar (ESLR) up 39 cents.

Astea International (ATEA), one of our other portfolio stocks, advanced 68 cents and equaled its five-year high today.

On the downside, the SMH was off 87 cents and the Qs down 49 cents.  Losses on our board were led by Dynamic Materials Corp. (BOOM), down 1.34, and Rediff.com India (REDF), down 1.12, both current portfolio holdings.

Viisage (VISG) gave back 87 cents, Neoware Systems (NWRE) 89 cents, Internet Initiative Japan (IIJI) 57 cents, and BioCryst Pharmaceuticals (BCRX) 92 cents.

Stepping back and reviewing the hourly chart patterns, after the gap-down today the indices, particularly on Nasdaq, did little more than meander sideways in a coiling-type pattern.  Despite the S&P and Dow making lower lows, the NDX did not confirm, so there's a possibility of a set-up for at least a short-term low.  But we must get a follow-through tomorrow and take out resistance at the 1725-27 zone NDX and up above this morning's SPX highs around the 1283-84 zone.

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.