The markets had a definitive down-day today, ending near the lows for the session, but they started out much differently.

Nasdaq, in particular, was strong after Ciscoââ,¬â"¢s earnings and gapped up, as futures were moderately higher before the opening.  As a result, Nasdaq made a nominal new multi-year high today, taking out Januaryââ,¬â"¢s highs by about 1 Ã,½ points.  The S&P moved right up to key overhead resistance at around the 1389-90 zone, but failed to punch through.  They subsequently sold off in the morning and then backed and filled for several hours into early afternoon, at which point they began a sell-off that lasted for the rest of the day.

Even though it wasnââ,¬â"¢t a thrusting-type sell-off, it was a steady one, and only a last 45- minute bounce brought them somewhat off the lows.

Net on the day the Dow was down 73 1/4, the S&P 500 nearly 7 1/2, and the Nasdaq 100 around 9 Ã,½..  The Philadelphia Semiconductor Index (SOXX) was down almost 9 points and put pressure on Nasdaq all day, with the semiconductors having a very weak session.

Technicals were decidedly negative by 3 to 2 on advance-declines on New York and  nearly 2 to 1 on Nasdaq.  Up/down volume was about 11 to 7 negative on New York with about 1.8 billion traded. Nasdaq traded a heavy 2.4-plus billion, but the up/down volume ratio was about 13 Ã,½ to 11, so not too negative there.

TheTechTrader.com board was very mixed.  U.S. Global Investors (GROW) after announcing a 2 for 1 split had a dividend increase, jumping 4 Ã,¼, although that was more 2 points off the earlier high. Gold had a strong day today, and the GLD tracking stock jumped 1.84 to 52.95 on more than 6.6 million traded there today. The USO, which is the oil trust ETF, jumped 1.10 after the price of oil jumped as well, closing at 54.50 on 2 1/3 million.

Other gainers of note, China Medical (CMED) broke out and jumped 1.12.  American Science and Engineering (ASEI) was up 2.77 to 60.88.  Apple Computer (AAPL) hit a new 10-month high over 84, before closing at 83.34, up 89 cents on nearly 33 million.

On the downside, DXP Enterprises (DXPE)gave back 1.11, Lumera (LMRA) got hammered for another 1.27 today, closing at 7.18 on 7 million shares.  Energy Conversion Devices (ENER) dropped 71 cents along with Gigamedia 59 cents, and NVE Corp. (NVEC)  87 cents.  Pacific Ethanol (PEIX) also lost 80 cents.

Stepping back and reviewing the hourly chart patterns, the steady sell-off broke 5-day uptrends and severely tested the rising 40-day moving averages on the hourly charts, but closed near important price support near NDX 1737-40 & SPX 1376-7 zones. Follow- through is always a key & weââ,¬â"¢ll have to see if can they get that tomorrow

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.