The indices moved lower most of the session. The Nasdaq was much weaker than the S&P 500 and Dow. The SPX went to marginal new 2005 low and then the market staged a late rally, perhaps some short covering into the close.

At the end of the day, the Dow managed to remain higher by about 3 points, the S&P was down a half, the Nasdaq 100 down 3 and change, and the Nasdaq Composite down 8.63. The Sox Semiconductor index was off nearly percent or 3.67.

Advance/declines were negative by 2 to 1 in New York and about 3 to 2 on Nasdaq. Up/down volume was about 4 to 3 negative on New York and about 2 to 1 negative on Nasdaq. Total volume was heavy at nearly 1.75 billion traded on New York and about 1.85 billion on Nasdaq.

TheTechTrader.com board was very active. Junior energy stocks continued their strength with Able Energy (ABLE) up a $1, US Energy Corp (USEG) up $1.21 along with Georesources (GEOI) up 54 cents.

Other stocks of note: CryptoLogic (CRYP) up $1.06 to a new multiyear high. Air T (AIRT) jumped 65 cents and PacificNet (PACT) was up 35 cents. A new one we're following, USEC (USU), was up 60 cents today.

Reviewing the overall patterns, obviously technical damage was done to the indices today, as some of the indices touched new lows. The late snapback saved them from a drop into the abyss. We'll see if the market can extend the rally on Monday, or whether this was just a late bounce and the downtrend will continue. The indices are at key levels and need to hold or we may see a waterfall decline.

Good trading!

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.