The indices had three very distinct parts of the session today. The first part was the big gap opening to the downside. But within a few minutes the indices stabilized and started an upward move that lasted half the session, taking the NDX just slightly above yesterday’s highs, although that was not confirmed by the S&P.

After lunch hour they started a slow descent, which was just as steady as the morning run-up but only took back about half the losses. Net on the day the indices ended mixed.

The Dow was up just 5.36, the S&P 500 down 1 3/4, and the NDX up 0.08, with the Philadelphia Semiconductor Index (SOXX) up 3.

The technicals were definitely to the downside today by about 2 to 1 on advance-declines on both New York and Nasdaq. The up/down volume was about 3 to 2 negative on New York, and about 11 to 9 negative on Nasdaq. Total volume on New York was about 1.6 billion. Nasdaq traded more than 2 billion today.

TheTechTrader.com board was mostly narrowly mixed. Only three stocks were up or down as much as a point, all to the downside.

Solar energy stock JA Solar (JASO) lost another 1.68 today. Universal Display (PANL) was down 1, and Global Solutions (GSOL) down 1.51. Avanir Pharmaceuticals (AVNR), the junior biotech stock which had run up sharply yesterday, exploded this morning to 6 Ã,¾, but closed at 3.90, a huge reversal on 73 million shares, down 1.29 on the day.

Energy Conversion Devices (ENER) was down 72 cents, and Canadian Solar (CSIQ) down 78 cents. Chindex (CHDX) fell 94 cents.

Stepping back and reviewing the hourly chart patterns, despite the early downside thrust and mid-day sharp rally the indices did little to change the 4-day consolidation that’s currently in place. The market has been swinging back and forth in a broadening top on the Nasdaq 100, and a kind of head-and-shoulders top may be developing on the S&P 500.

So the next few sessions may be critical. Tomorrow is options expiration – we’ll see how it goes.

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.