Stocks ended mixed today with the blue chips leading the way.  But Nasdaq, under pressure all day from the SOX Semiconductor Index, ended down on the session & at the lows for the day going away.

The day started out with a gap up on the Nasdaq 100 (NDX) and a strong move up on the S&P 500 (SPX).  They went to new rally highs, the NDX nearly equaling its March 3 rally high up around 1706, falling just short, while the S&P made new rally highs.  They pulled back down to support and held, and then rallied in a much slower, more tedious move that looked corrective rather than impulsive.  Despite the fact that the S&P went to even more new highs along with the Dow, the NDX failed to confirm and they sold off steadily in the afternoon, particularly on the Nasdaq 100, with the S&P in a much shallower decline. 

Nevertheless, the NDX did fall sharply off its highs, closing some 24 points off the morning highs.  Net on the day, the Dow was up 43 1/2.  The S&P, which got up to 1310 and change, closed at 1305, still up 2.31 on the day.  But the Nasdaq 100 was down 15.41, fueled by the SOX, which fell a whopping 16.57, or more than 3 percent today.

The technicals were much different on both exchanges, with the NYSE advance-declines 21 to 11 positive.  Yet Nasdaq had slightly more decliners than gainers today.  Up/down volume on New York was 3 to 2 positive, on a little less than 1 2/3 billion.  On the other hand, there was heavy volume on Nasdaq, with more than 2 1/3 billion traded, 1.6 billion of it to the downside, a more than 2 to 1 negative ratio.

TheTechTrader.com board was mixed.  Among the gainers, DXP Enterprises (DXPE) was up 1.31, Pacific Ethanol (PEIX) up 94 cents, Dynamic Materials Corp. (BOOM) 85 cents, Services Acquisition Corp (SVI) up 71 cents, and Stereotaxis (STXS) advancing 53 cents.

Other gainers of note, Cyberonics (CYBX) was up 70 cents, Staar Surgical (STAA) up 38 cents, and Novavax (NVAX) advancing another 30 cents today.

On the downside, in the large-cap sector, Apple Computer (AAPL) was down 1.91 and Broadcom (BRCM) 1.46, which helped pushed the SMH down 1.22 today.  China Resources (CHNR) gave back much of yesterday's big gain, losing 1.94 today. 

Other losses of note, Rediff.com India (REDF) gave back 88 cents, Sify Ltd. (SIFY) 21 cents, and Energy Conversion Devices (ENER) 43 cents.

Stepping back and reviewing the hourly chart patterns, the Nasdaq 100 today not only closed at the lows for the day going away but broke the five-day uptrend and 21-day rising moving average on the hourly charts, obviously a concern. 

However, the S&P and Dow held up much better, although the S&P today had an intraday head-and-shoulders toppy-looking pattern developing.  We'll be watching tomorrow the SPX 1303-04 zone, which is current immediate short-term support.  The Nasdaq 100 closed right at support around 1680.  Beneath that we're looking at 1675 and then the 1665-70 zone.

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