The indices had a bounceback session today after yesterdayââ,¬â"¢s steep losses. 

They did follow-up at the opening with some additional losses that tested deeper levels.  The NDX got down below 1765 and the S&P 500 down to 1378 before a strong bounce ensued in the morning that failed at resistance.  They then backed off in a very orderly down-channel for a few hours, held intraday support at a higher level than the morning lows and then had a 3-wave rally in the last couple hours to close up on the day.

The Dow was up 14 Ã,¾, the S&P 500 up 4.82 and the NDX up 5.17.  The Philadelphia Semiconductor Index (SOXX) managed to get back into the plus column after being down about 5 points earlier, up 6.64 today.

The technicals moved to the positive side by 5 to 3 on advance-declines on New York, but just by about 105 issues on Nasdaq.  Up/down volume was better than 3 to 2 on New York on a total of 1.57 billion traded.  Nasdaq traded just under 2 billion, and up/down volume only had a slight edge to the plus side, similar to the advance-declines.

TheTechTrader.com board was very mixed but mostly lower.  The loss leaders today were E-Future Information (EFUT)  down 1.75, Home Inns & Hotels (HMIN) down 1.46, Jinpan International (JST) 1.33, and NVE Corp. (NVEC)  1.42.

On the plus side, Anika Therapeutics (ANIK) advanced 2.34 on 1 Ã,½ million shares on FDA approval of one of their products.  Security With Advanced Technology (SWAT), a security firm, advanced 1.35, but that was some 2 points off its earlier high, on 1.4 million.  Among our portfolio positions, Trio-Tech (TRT) was up 50 cents, VASCO Data Security (VDSI) 29 cents, and SVI up 17 cents.

Sigma Designs (SIGM) advanced 78 cents in front of its earnings release, which should be coming out this evening.

Stepping back and reviewing the hourly chart patterns, the indices continued lower at the opening and then bounced, but did not get through key overhead resistance.  Weââ,¬â"¢ll see if this is more than just a technical bounce probably tomorrow morning.

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.