The markets had a mixed session to start the week, and the patterns that were formed intraday were a little ominous-looking in that they resembled head-and-shoulders topping-type patterns. But the lows were not taken out and that remains to be seen.

The day started out with a gap-up on Nasdaq, in particular, to new rally highs. The S&P 500 also did the same, but the move was not as strong. When they failed to make any progress early on, the indices sold off, particularly on Nasdaq sharply, to the lows for the session. The highs and lows of the session on Nasdaq were both within the first half hour.

A solid snapback rally occurred for the rest of the morning that took the S&P 500 to new highs, but the Nasdaq failed to do that and confirm. Then they rolled over in the early afternoon, snapped back mid-afternoon, and pulled back very late in the last 15 minutes or so, bringing the Nasdaq 100 to new afternoon lows, but above the session lows.

The S&P 500 at that point closed not far off the session lows as well.

Net on the day the Dow was up less than 9 points, the S&P 500 up less than 1, and the Nasdaq 100 down 4 3/4. The Philadelphia Semiconductor Index (SOXX) fell 2.83.

The technicals were mixed with advance-declines about 107 issues lower on New York and 380 issues lower on Nasdaq. Up/down volume was 9 to 5 positive on New York and 9 to 7 positive on Nasdaq. Total volume on New York was a fairly light 1.2 billion, and Nasdaq traded about 1.7 billion today.

TheTechTrader.com board was very active. The highlights of the day were mostly junior biotechs. Chart of the Week and by far the biggest point gainer on our board was DNDN, which opened in pre-market near 18 Ã,¾ and ran for most of the session, closing at 23.58, up 5.53 on 78.4 million shares, incredibly heavy volume again.

Other junior biotech stocks of note, Nuvelo (NUVO) was up 1.96 on 63 Ã,½ million shares, a gain of 52 percent today, leading Nasdaq’s percentage gainers. Cell Genesis (CEGE) was up 1.51 to 6.95 on 36 million shares, a gain of 28 percent.

La Jolla Pharmaceuticals (LJPC) was up 1.12 to 7.52 on 2.6 million, a gain of more than 25 percent today.

Other gainers of note, Acadia Pharmaceuticals (ACAD) was up 49 cents on more than 1 million, Cleveland Bio (CBLI) up 84 cents, Chindex (CHDX) 91 cents and portfolio positions Force Protection (FRPT) up 45 cents and Research Frontiers (REFR) up 42 cents. Nuance Communications (NUAN) gained 37 cents, and ISIS Pharmaceuticals (ISIS) snapped back 44 cents, closing back over 10. Global Solutions (GSOL) closed near 17, up 70 cents, and FuelTek (FTEK) snapped back 51 cents.

On the downside, there were only fractional losses across the board, led by Sigma Designs (SIGM), which gave back 68 cents.

Stepping back and reviewing the hourly chart patterns, the indices ended mixed on the session and during the day formed head-and-shoulders-like patterns. We’ll see if that’s meaningful or not, and whether they complete those patterns. But it was a mixed start to the week, and we’ll see if they can make a more decisive move out of today’s patterns 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.