The post-FOMC Fed rate decision sell-off continued with additional damage today that was nearly as bad as yesterday, and the indices closed at the lows for the week going away.

The day started out with gap down.  They bounced around sharply in the morning but couldn't make any headway.  The S&P 500 made lower lows almost all session. The NDX held all afternoon, but slipped late to close right near the earlier double-bottom.

Net on the day the Dow was down nearly 120 points, the S&P 500 more than 14 1/2, and the Nasdaq 100 more than 21 1/2.  The Philadelphia Semiconductor Index (SOXX) was off just 3.88.

The technicals reflected just how bad a day it was, with a very similar day to yesterday, where advance-declines were  negative by 26 to 6 on New York and 23 to 7 on Nasdaq. Up/down volume was 5 to 1 negative on New York with more than 1.8 billion traded.  Nasdaq traded nearly 2.3 billion, with a  4 1/2 to 1 negative ratio on down volume over up volume.

TheTechTrader.com board was extremely active and mostly lower, led by Baidu.com (BIDU), down 3 today, backing off of the recent rally.  DXP Enterprises (DXPE) fell 2.66, Dynamic Materials Corp. (BOOM) 1.93, and Rediff.com India (REDF) gave back 1.21 from its recent rally.

Other losses of note, Fuel Tech (FTEK) was 93 cents, Evergreen Solar (ESLR) 82 cents, PW Eagle (PWEI) 61 cents, and SunOpta (STKL) 46 cents.  All others were up or down smaller fractions.

The consequences of the severe break and strong downside follow-through did not augur well for stocks today.  But the indices are now extremely oversold short-term and way overdue for a snapback.  I expect to see one early next week. Resistance areas to watch are 1650, 1665 and then 1680 on the Nasdaq 100, and 1300, 1304, and 1310-12 on the S&P.

Those are the areas we'll be watching next week.

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.