The indices had a down day to end the week and closed near the low end of the range for the entire week.  The day started out with a gap up and immediate test of the declining tops lines and overhead price resistance, but they failed pretty quickly.  They had a morning 5-wave decline that lasted into the lunch hour.  The indices reached their lows for the day right after lunch and then staged a 5-wave advancing but corrective-looking move back up to retest resistance and closed just underneath it.

The Dow closed below 12,000 at 11,986, down 32 Ã,½.  The S&P 500 closed just a little over 1364, down more than 3, and the Nasdaq 100 closed around 1704, down a bit more than 9.  Only index on my board that was up was the Philadelphia Semiconductor Index (SOXX), which gained 1.82 and prevented the NDX from having a bigger loss.

The technicals were mixed, with the NYSE having about an 18 to 15 negative plurality of declines over advances.  Nasdaq, however, was 17 to 12 positive.  Up/down volume was about 4 to 3 negative on New York and about 5 to 4 negative on Nasdaq. NYSE volume today just short of 1.5 billion, and Nasdaq traded over 1.8 billion today.

Surprisingly, the vast majority of stock on TheTechTrader.com trading board were higher, with several multi-point gainers.  They were led today by HRT, which snapped back more than 2 points off the low and closed up 1.60.  U.S. Global Investors (GROW) advanced 1.02, and DXP Enterprises (DXPE) snapped back 1.36 from yesterdayââ,¬â"¢s big loss.

But the big story today was Syntax-Brillian (BRLC), a plasma TV manufacturer, which gained 1.58 on more than 8.4 million shares, a 25 percent gain.  Flamel Technologies (FLML) went to a new 2-year high, closing at 27.56, up 71 cents on nearly 1 Ã,½ million traded.  Lumera (LMRA), in another strong session on nearly 5 million shares, advanced 76 cents, and closed right at the highs for the day going away.

A thinly traded stock , with a spectacular chart, MFRI, closed at 17.50 up 83 cents today at a new all time high, and Harmonic Inc. (HLIT) was up 52 cents.  Energy Conversion Devices (ENER) advanced 41 cents.

On the downside, there were fractional losses in Acorda Therapeutics (ACOR), Apple Computer (AAPL), Angeion (ANGN) and American Oriental Bioengineering (AOB), along with Sigma Designs (SIGM).

Stepping back and reviewing the hourly chart patterns, the decline continued off of the recent highs, and the S&P 500 is now in a 6-day decline.  Very important short-term support just beneath 1700 was tested today on the Nasdaq 100, but it held and the afternoon snapback resulted.  The S&P 500 held the 1361-62 zone, key short-term price & trend line support.

Itââ,¬â"¢s going to be a very interesting week next week.  Either this is near the end of the short-term pullback within a bullish phase, or theyââ,¬â"¢re going to take out the trendlines and support levels and head down.  Weââ,¬â"¢ll see which way it goes on Monday.

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.