The indices did manage to get to the plus side today, but considering the sell-off of the end of last week, it was a rather poor performance by the bulls.

The day started out with a move down to new lows on the NDX but the S&P did not follow-through, and that positive divergence triggered a morning rally that took the indices up to initial resistance by just before the lunch hour.

At that point the indices were stymied by resistance, failed to make any further progress and rolled over into a three-wave decline during the afternoon, snapped back off support at the earlier lows, but pulled back down again at the end of the session.

Net on the day the Dow was up 21 and change, the S&P was up 2 1/3, but the Nasdaq 100 was down 0.08 despite the fact that the SOX Index was up 3 points today.

However, the technicals on New York were pretty good and much better than on Nasdaq.  Advance-declines were 21 to 12 positive on New York versus only 16 to 14 on Nasdaq.  Up/down volume was about 5 to 3 positive, with about 1 2/3 billion traded.  Nasdaq traded just under 2 billion and had about a 10 to 9 negative ratio today.

TheTechTrader.com board was active and pretty even 50/50 on advance-declines. On the plus side, Astea International (ATEA) continued strong, up 1.71.  A new one we're following, MakeMusic (MMUS), was up 1.18.   NovAtel (NGPS) gained 91 cents.  Pacific Ethanol (PEIX), another new one we're following, advanced nearly 1 point today.   Rambus (RMBS) was up 80 cents, and LightPath (LPTH) up 65 cents.

In the alternative energy sector, Evergreen Solar (ESLR) had a strong session, setting a new multi-year high, up 62 cents, closing just over 14.  Dynamic Materials Corp. (BOOM) advanced 76 cents today.

On the downside, Phazar (ANTP) gave back 1.80, and Zevex (ZVXI) 1.32.  Those were the only point-plus losers.  PW Eagle (PWEI) backed off 98 cents, Vertex Pharmaceuticals (VRTX) 98 cents, Internet Initiative Japan (IIJI) 50 cents, NeoMagic (NMGC) 67 cents, and Neoware Systems (NWRE) 46 cents.

Stepping back and reviewing the hourly chart patterns, the indices pretty much meandered and consolidated the losses from late last week, but appear to be forming flag patterns of a bearish nature and could lead to lower prices.

Today's double-bottom on the NDX near 1670-71, and support at 1261-62 on the S&P are critical short-term levels to watch.  If those are broken, expect another down-leg.

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.