Today was basically more of a continuation of what we had Friday in terms of a consolidation.

Although they started the session strongly, that was about the best levels they reached all session. They then had a quick, 5-wave decline, followed by a more tedious 5-wave advance that took them back towards the highs by mid-day. They then dipped early afternoon, came back mid-afternoon to retest and failed, and rolled over in the last 15-20 minutes.

Net on the day the Dow was down 25 and the S&P 500 down 1.83, but the Nasdaq 100 was nearly 2 and the Philadelphia Semiconductor Index (SOXX) up 0.7.

The technicals were slightly negative today. Advance-declines were lower by 17 to 15 on New York and 16 to 14 on Nasdaq. Up/down volume was negative by 6 to 5 on New York and 8 to 7 on Nasdaq. Total volume on New York was light at less than 1.2 billion. Nasdaq traded less than 1 2/3 billion.

TheTechTrader.com board was equally as mixed. On the plus side, ChinaMed announced earnings above expectations, and the stock exploded, closing up 3.46 on 5.4 million. MEDTOX Scientific (MTOX) jumped 1.75 today, and Transcend Services (TRCR) gained 90 cents today.

Other stocks of note on the plus side, portfolio position Spectrum Control (SPEC) gained 56 cents. Sigma Designs (SIGM) advanced 46 cents today after issuing positive guidance. Research Frontiers (REFR), one of our portfolio positions, moved above 12 and closed at 12.26, up 32 cents today.

Chart of the Week Immersion Corp. (IMMR) was up 41 cents, Force Protection (FRPT) advanced 74 cents, and former Chart of the Week Ceragon Networks (CRNT) was up 82 cents.

On the downside, DXP Enterprises (DXPE) dropped 1.22 and that was the only point plus loser, but Metabolix (MBLX) also gave back 98 cents, Chindex (CHDX) 61 cents, and Global Solutions (GSOL) 48 cents, and Cree Inc. (CREE) 64 cents.

Stepping back and reviewing the hourly chart patterns, as indicated the NDX continued its sideways consolidation, with the S&P in more of a downward bias, still in an orderly pullback and holding above the moving averages on the hourly charts. We’ll see if resistance at NDX 1948 or support at 1938 will eventually be taken out. On the S&P 500, those numbers are 1535-36 on the resistance and 1529-30 on the support side.

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.