The market had a definitive down-day to end the week and closed near the lows for the day going away, with a couple of layers of minor support broken and a third key level tested.  Although that held at the end of the day, the day certainly ended negatively.

The Dow closed down 73.40, the S&P 500 down 11 3/4, the NDX 26 Ã,½, and the Philadelphia Semiconductor Index (SOXX) down nearly 9.

The technicals confirmed the losses with a 2 to 1 negative ratio on advance-declines on both New York and Nasdaq.  Up/down volume was 3 to 1 negative on New York about 2 to 1 negative on Nasdaq.  Total volume on New York was more than 1.5 billion, and Nasdaq traded more than 2.2 billion.

TheTechTrader.com board was narrowly mixed.  Only one stock gained or lost as much as a point.  That was low-priced Angeion (ANGN), which popped to new all-time highs, closing at 11.39, up 1.14. 

Other stocks of note, DXP Enterprises (DXPE) advanced 83 cents, and NVE Corp. (NVEC)  40 cents, although that lost about 2 Ã,¾ off its earlier high when it was up over 3 points.  Acorda Therapeutics (ACOR) moved up another 41 cents today.

On the downside with the SOXX Index dropping nearly 9 points, the SMH lost 89 cents. Apple Computer (AAPL) got hammered in the afternoon, down 1.78 today.  Energy Conversion Devices (ENER) lost 73 cents, II-VI, Inc. (IIVI) 71 cents, Qualcomm (QCOM) 85 cents, VASCO Data Security (VDSI) gave back 49 cents, and Pacific Ethanol (PEIX) 66 cents.  China Medical (CMED) gave back 51 cents.

Stepping back and reviewing the hourly chart patterns, some key minor levels of support were taken out during the session.  The 3 week rising trendlines were tested but did not break, although the shorter-term 7-day trendlines were broken, as were the 21- and 40-day moving averages on the hourly charts.

So it will be key as to whether we get a downside follow-through on Monday, which may be likely after todayââ,¬â"¢s action.  Iââ,¬â"¢d be looking for that and a test of lower support if that does occur.

We have not had that important downside follow-through over the last several months that turns the trend downward.  We now have the set up for a new down-move, but until we get that follow-through the direction is still in doubt.

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.