It was an extremely negative day on a full moon -- it's amazing how often the market does that. The indices had a lot of volatility in the morning when they gapped down, went lower, and had a sharp morning rally, particularly on the Nasdaq 100. The S&P and Dow did not participate asa well and lagged. Then they sold off sharply into the lunch hour. Even though Nasdaq rallied during and after the lunch hour, the rally was fairly feeble and lacked participation from the Dow and S&P. The market then rolled over and came down suddenly in the afternoon, closing at the lows for the day going away on the Dow and S&P and the Nasdaq Composite. Only the NDX closed off the low, but not by much.

Net on the day the Dow was down 174, the S&P down 17.40, the NDX 21.33 and the Composite 28.30. The SOX, which had been up as much as 10 in the morning, closed down nearly 2, a big reversal there. That took Nasdaq from the positive column to deeply negative.

The technicals were very negative, with advance-declines 26 to 7 on New York and 23 to 8 on Nasdaq. Up/down volume was also extremely negative, about 6 to 1 on New York and about 3 to 1 on Nasdaq. Total volume on New York was almost 1 3/4 billion and on Nasdaq over 2 billion.

So, it was heavy volume on the downside today.

TheTechTrader.com board was littered with red, but there were some outstanding stocks on the plus side. BOOM was up 2.10 on heavy volume on a positive earnings reports. DCAI was up 2.10, but at one point was up as much as nearly 5. IOTN was up 85 cents, along with FCEL 60 cents. Those were the leading gainers on my board.

On the losing side, AIRT continued its recent pullback, down 1.52. IMAX was down 1.25 on profit-taking from its recent gains and MFLX was down 1.19, with WPTE giving back 1.45.

Other losers of note, SIGM was down 96 cents, SLNK 79 cents, PARL down 92 cents, HLIT 71 cents, and DNDN 72 cents.

So, it was a very negative on the Street for the most part.

Stepping back and reviewing the overall patterns, the significance of today's action was that they broke significant short-term support around the 1498-1500 level on the NDX and around the 1190-92 zone on the S&P and it looks like we're going lower. Although I must say that the oscillators will probably be pretty oversold tonight, which could easily result in a snapback rally tomorrow.

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.