It was a solid, post-FOMC announcement session today. The indices started the day with some firmness out of the gate, but immediately pulled back and for the rest of the session, especially on the Nasdaq 100, they meandered in a trading range with narrowing tops and rising bottoms in a large pennant or coiling type pattern. The S&P 500 similarly consolidated, but had more of a flat-top, flag-type pattern.

Net on the day the indices were not far off the zero mark, with the Dow up just 13.62, the S&P 500 down 0.50, and the NDX down 6.60, chiefly because the Philadelphia Semiconductor Index (SOXX) had a difficult session, down 6.19 today.

Advance-declines were barely ahead by 72 issues on New York and 127 issues on Nasdaq. Up/down volume was slightly negative by 8 to 7 on New York on total volume of 1.6 billion. Nasdaq traded over 1.8 billion, with about an 11 to 7 negative plurality.

TheTechTrader.com board was mostly narrowly mixed. Most stocks were up or down by just small fractions.

Among the gainers, Ascent Solar (ASTI), which ran hard most of the session, closed up 1.36 on 2.7 million.

Chinese hotelier Home Inns & Hotels (HMIN) continued on its comeback trail, up another 1.33, closing at 39.17. Those were the point-plus gainers.

Other stocks of note on the plus side, portfolio position Research Frontiers (REFR) gained 92 cents, most of that coming late in the session after a breakout.

Nuance Communications (NUAN) to new 11-year highs at 16.20 was up 37 cents. ISIS Pharmaceuticals (ISIS) jumped 66 cents, gapping up in the morning and flagging for rest of the session on 3 Ã,½ million shares.

DayStar Technologies (DSTI) in the solar energy sector was up 37 cents, and Sigma Designs (SIGM) after a stellar earnings report jumped a couple points in the morning but gave back a chuck of it, still closing up 57 cents on the day at 31.02 on 2.6 million.

On the downside, all three Boxer Shorts were point-plus losers. Bear Stearns (BSC) was down 1.92, Lehman Brothers (LEH) 1.03, and Continental Airlines (CAL) down 1.60.

Chindex (CHDX) gave back 74 cents, and Onyx Pharmaceuticals (ONXX) 61 cents.

Stepping back and reviewing the hourly chart patterns, yesterday’s sharp post FOMC announcement rally was followed up by very distinct set of pennant/flag-type consolidations on the indices. This augurs very well for future price appreciation

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.