It was an interesting but weird session on FOMC announcement day. The indices were firm for most of the morning, and going into the announcement were near the highs for the session. After the FOMC announced that they’re leaving rates unchanged for the 8th consecutive meeting, the indices took a minor dip, then popped to the session highs very briefly. No follow-through ensued and they sold off quickly. However, they held the morning lows and bounced sharply, could not get back above the early rally highs, and then vacillated in a fairly narrow range before rolling over in the last half hour and closing not far off the session lows and down on the session.

In the last half hour alone, the NDX backed off 9 points and the S&P 500 6 points, taking both of those indices to marginally negative territory on the day.

Net on the day the Dow was down just 5 Ã,½, the S&P 500 down 0.63, and the Nasdaq 100 off 1.39, but the Philadelphia Semiconductor Index (SOXX) was the culprit today, down 4.53, closing at the lows for the day and pressuring Nasdaq all day.

Despite the late pullback, the technicals are still positive, with advance/declines ahead by 19 to 14 in New York, with up/down volume just marginally positive. Total volume there was nearly 1.45 billion. Nasdaq traded over 1.9 billion, and had about a 10 to 9 positive ratio on up/down volume, with advance-declines ahead by just 80 issues.

Net on the day the TechTrdader.com board was narrowly mixed, mostly higher. There were a couple sharply lower issues as well.

On the plus side, low-priced Ceragon Networks (CRNT) a recent Chart of the Week, advanced 1.38 to a new multi-year high, closing at 11 1/2 on 2.2 million. That was the only point-plus gainer, and it was our Chart of the Day today.

Other stocks of note, MEDTOX Scientific (MTOX) a former Chart of the Week, was up 97 cents to 29.60. Research Frontiers (REFR), also a former portfolio position and Chart of the Week, was up 90 cents to 13.92, reaching over 14 at one point, a new 3-year high.

Transcend Services (TRCR) snapped back 62 cents, USA Technologies (USAT) 50 cents, Immersion Corp. (IMMR) up 62 cents, Hoku Scientific (HOKU) up 55 cents, Global Solutions (GSOL) 51 highs, HALO up 40 cents, and VASCO Data Security (VDSI) 31 cents.

On the downside, Force Protection (FRPT) reversed sharply from the morning’s rally high and closed down 1.67 on the day at 21.69. The other point-plus loser was LXU, which had a very strong start, but rolled over 2 Ã,½ points in the afternoon and closed down 1.47 on the day.

Other losses of note, Chindex (CHDX) lost 55 cents, China Medical Technologies (CMED) 53 cents, ESEA 70 cents, and Boxer Short MSTR gave back 71 cents today.

Stepping back and reviewing the hourly chart patterns, we had a solid follow-through to yesterday’s rally in the morning, but could not maintain it and gave back all of it before the day was out, closing near the session lows, but at support. So we’ll see if the indices can stabilize near here and move to higher levels, or whether they can continue the late rollover and seek lower levels. Tomorrow should be an interesting session... the end of the week, the month, the quarter, the first half of 2007, and it all occurs on a summer Friday!

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.