The indices had a very interesting and mixed session today. The market would have had a pretty negative session if it wasn't for the semiconductor stock group, which managed to come on strong twice today and end up solidly on the plus side. At the end of the day, however, the Dow was down 50, the S&P was down 5 and change. The Nasdaq 100 was up nearly 16 and the Composite was up 13. The SOX Semiconductor Index was up more than 11 points, or nearly 3 percent.

The day started out with a gap up on the NDX, but the indices moved down quickly, taking out yesterday's late lows on the SPX. The market turned it around and rallied strongly until around the lunch hour, at which point the market slipped, took out the morning lows on the S&P by quite a bit, but held on the Nasdaq due to the SOX strength.  In the last hour the market snapped back again, closing back in the plus column for Nasdaq, but couldn't help the Dow and S&P avoid losses for the session.

The technicals, however, were negative on New York by 22 to 10 on advance-declines, and 3 to 1 on up/down volume. Total volume was very heavy at about 1.7 billion traded. Nasdaq traded about 1.8 billion, but that was 2 to 1 positive, with advance-declines, however, still about 365 issues negative.

So the techs were strong but the blue chips were not, and the indices were very mixed today, which was reflected in TheTechTrader.com board.

In the semiconductor section, Broadcom (BRCM) was up nearly 2 points, Intel (INTC) was up 28 cents, Qlogic (QLGC) up 52 cents, and, as a result, the Semiconductor Holders Trust (SMH) was up 79 cents.

Other stocks of note: Juniper Networks (JNPR) advanced 63 cents and Microsoft (MSFT) up 30 cents.

In the smaller cap section, Netflix (NFLX) managed to advance 45 cents, Stamps.com (STMP) up 33 cents, and Velocity Express New (VEXP) up 85 cents.

On the downside, losses included Georesources (GEOI) down 83 cents. Other decliners of note: Dynamic Materials (BOOM) gave back 67 cents, CryptoLogic (CRYP) down 37 cents, and Arena Pharmaceutic (ARNA) down 44 cents. Sigma Designs (SIGM), on an earnings guidance downgrade, lost 88 cents.

Reviewing the overall patterns, there are divergences across the board on the indices with the Nasdaq 100 going to a new rally high today, but the S&P falling far short. As a matter of fact, the afternoon decline held on support of the Nasdaq 100 but gave way on the S&P. The question remains: Which of the indices is going to gain control? Will the Nasdaq and SOX take the indices back up next week, or will the S&P and blue chip weakness eventually drag the Nasdaq down?

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.