It was a very negative day on the street.  The indices started out lower, went lower all day, failed at resistance each time they tried to rally, and closed near the lows for the session. 

The Dow managed to hold 11,000, but closed down 121 Ã,½ points.  The S&P 500 was down nearly 14, the Nasdaq 100 more than 31 1/2, and the Philadelphia Semiconductor Index (SOXX) 11 Ã,½, or nearly 3 percent.

The technicals were confirming, nearly 24 to 9 on decliners over advancers on New York, and about 23 to 7 Ã,½ on Nasdaq.   Up/down volume was even worse, with a 3 Ã,½ to 1 negative ratio on New York with more than 1.4 billion traded. Nadsaq traded just under 1.8 billion with a ratio of about 4 to 1 negative on up/down volume.

TheTechTrader.com board  was somewhat narrowly mixed, although there were some more substantial gainers and losers.  On the plus side, Intergraph (INGR) on  terrific earnings and higher guidance  was up 4.31 on 2 Ã,¼ million shares today.  Dynamic Materials Corp.(BOOM) advanced 1, Travelzoo (TZOO)  1.16, and the GLD gold tracking stock up 1.04.

Standard Microsystems (SMSC) gained 43 cents, PW Eagle (PWEI) 26 cents,  and Forward Industries (FORD) 28 cents.

On the downside, Apple Computer (AAPL) was down 2.69 to a new 52-week low.  Sirenza Microdevices (SMDI)  cracked $10, down 1.24.  Qualcomm (QCOM) fell 1.32, Baidu.com (BIDU) 1.08, the SMH 83 cents, and QQQQ 71 cents, Broadcom (BRCM) lost 95 cents,  Energy Conversion Devices (ENER) 94 cents, and SIMC 98 cents.  Zevex (ZVXI) backed off 92 cents as well.

For the most part it was a negative day on Wall Street and the indices closed rather poorly with the NDX making a new 2006 low but managing to hold 1500 at the close.  The S&P closed right at key support around the 1259-60 zone, closing right at 1258.60, and weââ,¬â"¢ll have to see if this level, which is a key one for the S&P, can hold. 

Certainly, the NDX is leading to the downside by making new 2006 lows, so it does not portend well for the markets, but weââ,¬â"¢ll see if the blue chips have the power to drag the NDX back up and whether the SMH and SOXX Index can cooperate.

Today was a give-back day, as yesterdayââ,¬â"¢s late rally was all given back and then some.

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.