The markets experienced a definitive down-day follow-through session, very similar to yesterday’s session. The indices once again gapped down, once again bounced in the morning, consolidated and then went lower and hit the session lows around mid-day. They clawed back in the afternoon in a 5-wave rally. The difference was they weren’t able to punch through key overhead intraday resistance, and in the last 15 minutes sold off again, closing the indices down sharply on the session.

Net on the day the Dow was down more than 129 points, the S&P 500 down 13 Ã,½ and the Nasdaq 100 17 Ã,½. The Philadelphia Semiconductor Index (SOXX) was down 5 Ã,½.

The technicals were very negative, with advance-declines negative by more than 4 to 1 on New York and more than 2 to 1 on Nasdaq. Up/down volume was 6 Ã,½ to 1 negative on New York with a total of more than 1.5 billion traded. Nasdaq traded over 2 billion with a ratio of better than 3 to 1 negative.

TheTechTrader.com board was mostly negative and lower, led by far today by Panera Bread (PNRA), which had a disappointing earnings report and several downgrades, and closed down 8.04 on 10 million shares. Other point-plus losers were NVE Corp. (NVEC) down 1.01, and Cree (CREE) down 1.02.

Other than that there were no point-plus gainers or losers on my board today.

Other losses of note, VeriChip (CHIP) gave some of the recent gains back, losing 72 cents. Dendreon (DNDN) lost another 49 cents, DXP Enterprises (DXPE) 78 cents, Industrial Services of America (IDSA) 75 cents, and VASCO Data Security (VDSI) 46 cents. Zoltek (ZOLT) gave back 50 cents.

On the plus side, fractional gains included Sigma Designs (SIGM), up 63 cents, snapping back from recent losses. Portfolio position Research Frontiers (REFR) was up 24 cents, Transcend Services (TRCR) tagged a new all-time high at 21, and closed at 20.81, up 29 cents. Immersion Corp. (IMMR) was up 54 cents, and Color Kinetics (CLRK), added to our portfolio today, was up 52 cents.

Stepping back and reviewing the hourly chart patterns, the indices, in very similar patterns to yesterday’s down-day, ended with a sharply negative session. Though the afternoon rally prevented much steeper losses, the final 15-minute sell-off may be a harbinger of more losses to come 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.