The market had an ugly session. They started out strong at the open, but that was it for the day. The NDX got up to 1520 resistance and the S&P up to 1210 resistance and both backed off, and in the morning they sold off sharply but the S&P held up a little bit better. In the afternoon the S&P caught up while the Nasdaq marked time.

Net on the day, the indices were down and closed at the lows for day going way. The Dow was down 59 1/2, the S&P 500 down 9 and closed under 1200 at 1198, the NDX down 13 at 1502 and the Composite down 16 at 2035.

The SOX Index was the culprit, down almost 2 1/2 percent or 9 1/4.

The technicals were poor as well, with a 2 to 1 negative on advance-declines on New York and a little better than that on Nasdaq. The total volume on New York was less than 1 1/2 billion, with about a 2 1/2 to 1 negative ratio on advancing over declining volume. Nasdaq had 1 2/3 billion traded today, with a 2 to 1 negative ratio.

TheTechTrader.com board was active. On the plus side, TIVO exploded on news of an alliance with Comcast, and ran up nearly 3 points on 66 million shares, a major move there. MDKI on the announcement of a merger with DCAI, advanced 2 1/2 points, but at one point was up nearly 4 1/2.

MAGS in the security sector was up 1.45, based on terrorism news and FORD exploded to a new multi-year high, up 1.59 on heavy volume.

On the downside, MFLX led the losers, down 1.50. QLGC was down 1.10. Some of the junior energy stocks gave it back, too. GEOI was down 81 cents and ABLE down 61 cents.

Other stocks of note, CRYP was down 3/4, BOOM gave back 44 cents despite making a new all-time high earlier in the day. PACT reversed from morning gains and closed down 73 cents on the day, and BRCM led the semiconductor sector down 86 cents, closing at the low for the day.

Stepping back and reviewing the overall patterns, the indices pressed hard on a key short-term support, and closed right at the lows for the last 3 weeks or so, and right at major rising trendlines going back to January on the S&P. The NDX is in a little poorer shape with multiple lows going back to January as well in the 1485-90 zone that may be tested as early as tomorrow.

But that index did managed to close above 1500, where there is support at the 1495-1500 area.

We'll see if we get any downside follow-through tomorrow, or whether we can recover from this level and mount another rally attempt.

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.