The indices had a consolidation session and a couple attempts at breaking support that held each time.  The Nasdaq 100 made nominal new highs; the S&P 500 failed to so and did not confirm the move today, possibly setting up a negative divergence.

The day started out with a move down testing support, a rally back up to test resistance, and then another move back down to retest support.  This was on the Nasdaq 100.  The S&P took out initial support and then held secondary support.

During the late morning rally they made new highs on the NDX and, as indicated earlier, but fell far short on the S&P.  They meandered sideways for a couple hours, attempted a breakout again with about 1 Ã,½ hours to go, made nominal new highs by just a few cents on the Nasdaq 100 and fell a few points short on the S&P again.  They came down for another retest of the 2-day rising trendlines, which was successful, and a late bounce brought them back off those trendlines.

Net on the day it was a mixed picture, with the Dow down 16, the S&P down 1.80, the Nasdaq 100 up 2, and the Philadelphia Semiconductor Index (SOXX) up 1 Ã,½ points.

The technicals were mostly negative, however, with advance-declines negative by 3 to 2 on New York and 4 to 3 on Nasdaq.  Up/down volume was about 8 to 5 negative, with more than 1.4 billion traded on New York and more than 1.7 billion traded on Nasdaq.  However, Nasdaqââ,¬â"¢s advancing/declining volume was 10 to 7 positive.

TheTechTrader.com board was mixed but mostly higher, led by Hansen Natural Corp. (HANS), which gained another 3.62 on nearly 20 million today.  Akamai (AKAM) on a strong analyst-day conference was 1.68 on more than 10 million.  XM Satellite Radio (XMSR) traded 28-million plus today and gained 1.18.

Other stocks of note, Baidu.com (BIDU) gained 89 cents, Interphase (INPH) up 98 cents, Rambus (RMBS) 53 cents, and Versant (VSNT) 53 cents.

On the downside, the recent explosive move by FutureNet(FNET) reversed with a vengeance, as the stock dropped nearly 3 points today on more than 2 Ã,½ million shares.  DXP Enterprises (DXPE) gave back 1.05, Vertex Pharmaceuticals (VRTX) 82 cents, Stereotaxis (STXS) 56 cents, and PW Eagle (PWEI) 41 cents.

Stepping back and reviewing the hourly chart patterns, despite several pullbacks intraday and over the last couple days, the rising 21ââ,¬â€œday moving averages on the hourly charts have held and until theyââ,¬â"¢re broken the trend momentum may still take us higher, but the move is starting to feel tired & heavy & we could start to see some pullback/retracement start as early as tomorrow or by the latest Monday or Tuesday.

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.