The markets got some additional volatility today, but in the afternoon the bears took control, knocking the market down sharply. A bounce in the last hour brought them off the lows, but net on the day the indices were lower.

The Dow was down just 8.21, but that was 120 points off the high. The S&P 500 was off nearly 5, about 17 points off its earlier session highs. The Nasdaq 100 closed down a little more than 9, 22 points off its high. The Philadelphia Semiconductor Index (SOXX), down 7.55, put a lot of pressure on Nasdaq.

The technicals confirmed the negativity, with advance-declines negative by more than 2 to 1 on New York and by 2 to 1 on Nasdaq. Up/down volume was 3 to 1 negative on New York and more than 2 to 1 negative on Nasdaq, with total volume 1.7 billion on New York and just under 2 billion on Nasdaq.

TheTechTrader.com board was mixed but mostly lower. However, on the plus side Hoku Scientific (HOKU) advanced $2 on 33 1/3 million shares. At one point it was up as much as nearly $3.

On the downside, FuelTek (FTEK) gave back 2 Ã,½ points on profit-taking from last week’s sharp run-up, and Spartan Motors (SPAR), one of our Boxer Shorts, was down 1.17.

Also on the plus side, China Medical Technologies (CMED) advanced 46 cents on more than 1 million shares. JA Solar (JASO) was up 64 cents, Novatel (NVTL) up 51 cents, Taser (TASR) another 34 cents, reaching over 14 today, and VASCO Data Security (VDSI) up another 47 cents.

On the downside, LXU, one of our Charts of the Week from last week, was down 68 cents, MEDTOX Scientific (MTOX) down 40 cents, HALO down 68 cents, China GrenTech (GRRF) 89 cents, Force Protection (FRPT) down 38 cents, Cree Inc. (CREE) 80 cents, and Chindex (CHDX) 94 cents.

Stepping back and reviewing the hourly chart patterns, the pullback extended to its fourth day today on the Nasdaq 100 and the S&P 500. Lower lows and lower highs were registered, and the indices are now in distinct short-term down-channels.

Today’s lows at NDX 1905 and S&P 1492 and change will be watched tomorrow to see if they can hold. Beneath that we’ll be watching S&P support going back the last 6-7 weeks in the 1488-90 zone, and the 1870-80 zone on the NDX.

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.