The markets at the end of the day were nearly flat, and the action today was somewhat disappointing considering the losses over the last two days and the extremely oversold oscillators. The indices were barely able to make much headway.

Although the indices did rally in the morning, they ran right into resistance on the Nasdaq 100 and the S&P 500. They backed off in the mid-afternoon, tried a last-hour rally that fell below the session highs, and then in the last 20-30 minutes they rolled over and gave back a chunk.

At the end of the day, the Dow was down 6 3/4, the S&P was up a little more than 2, the Nasdaq 100 was up 1.40 with the Nasdaq Composite up 2/3 of a point, and the SOX Semiconductor Index was up less than a point as well.

Technicals were mixed on Nasdaq, slightly positive on New York. New York Stock Exchange advance-declines were 18 to 13 positive. Nasdaq was nearly dead-even flat. Up/down volume was a little less than 3 to 2 positive on New York, with about 1.5 billion traded there. Nasdaq traded about 1.75 billion with just a slight pluratity to the downside.

TheTechTrader.com board was mixed with some outstanding gainers and losers as well. The junior energy stocks rallied strongly, led by ABLE Energy (ABLE) up $1.48 and Georesources (GEOI) up 72 cents. In the alternative energy field, Energy Conversion Devices (ENER) up 57 cents and Evergreen Solar (ESLR) up 30 cents.

Other stocks of note: Air T (AIRT) snapped back 75 cents and Wellman Inc. (WLM) was up 50 cents along with Multi-Fineline Electronix (MFLX) up 41 cents.

On the downside, Dynamic Materials (BOOM) got hammered for most of the day, snapped back a little on the close but was still down $1.34 on the day. Other losers of note: Medicore (MDKI) dropped 84 cents and PacificNet (PACT) dropped 46 cents.

Reviewing the overall patterns, despite the fact that we were oversold on the oscillators & near major support from 2005 earlier lows, we weren't able to rally much today and it does look potentially ominous. Unless they can hold them tomorrow, rally and take out resistance at 1497 to 1500 on the NDX and the 1190-95 zone on the S&P, the indices may very well go lower and we may be looking at a possible washout/selling climax needed.

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.