We had two very distinct parts of the session. The early part of the day was nasty. The market gapped down, rallied to resistance and failed, rolled over and made new lows, but then had a strong mid-morning rally which took us back to resistance at the earlier highs. When they failed to get through there, the market turned south and went down for several hours, taking out support at 1514 on the NDX and around 1207 S&P.

At the point the market accelerated to the downside, hit the session lows with about two hours to go, breaking below 1500 on the NDX and below 1200 on the S&P, but just briefly. A solid afternoon snapback session saw the NDX jump from 1498 to about 1514. The S&P went from about 1198 to about 1207. But the 1515 and 1207 levels were resistance, and the market pulled back into the close and ended down on the day.

The Dow closed down 75 and change, the S&P 7 3/4, the NDX down a little less than 16 and the Composite a little more than 13 1/2. The SOX Index was down 6 1/2 points today, and that was about 12 points off the high, so it really reversed negatively and pulled Nasdaq back down with it during the morning slide.

The technicals weren't that bad considering the losses. Advance-declines were about 3 to 2 on New York and about 18 to 13 or close to 3 to 2 negative on Nasdaq. Up/down volume was more than 2 to 1 negative on New York on total volume of about 1 3/4 billion. Nasdaq had over 2 billion traded today with about a 4 to 3 negative plurality on advancing/declining volume.

Reviewing TheTechTrader.com board today, there were a few outstanding issues. DCAI was up more than 5 points, exploding out of a consolidation pattern to a new all-time high. BOOM followed up Friday's big gains, got up to as high as 22 1/2 before backing off to around 21, up about 1 1/2 points today.

Other stocks of note, MFLX gained 1.20, also breaking out of its consolidation, and ESLR was up 43 cents to a new multi-year high today just short of 6. AIRT snapped back 36 cents and ENER 22 cents.

On the losing side, CRYP, after setting a new rally & muti year high, sold off sharply, bounced around for most of the afternoon and closed down 1.17 on the day. Other than that, WPTE was down 53 cents and SYNA off 44 cents. BRCM fell 63 cents.

Stepping back and reviewing the overall patterns, the indices tested key short term support, slightly took them out, but managed to snap back in the afternoon to save key support levels at 1500 NDX and 1200 S&P.

We'll see if tomorrow they're retested and whether they can hold or whether the market will be able to take out overhead resistance, which right now is around 1515 and then 1520 NDX and 1207 and then 1212 on the S&P.

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.