The markets had a very disappointing day. Again, the indices failed to flow through resistance and sold off in the afternoon, which has been the pattern this year. Only a late bounce brought them off a retest of the morning lows and left them in the plus column, but just barely on Nasdaq.

Net on the day, the Nasdaq 100 was only up 11 cents. The Composite was up 8.43, with the Dow up 17 and the S&P 500 4. But it was a rather disappointing day considering the fact that the S&P made a nominal new rally high but the Nasdaq failed to confirm that. That's when they fell off in the afternoon.

However, the technicals were pretty good by 10 to 6 positive on New York and by about 16 to 13 on Nasdaq. Up/down volume was about 7 to 4 positive on New York on rather light volume of under 1.1 billion. Nasdaq had about 1.7 billion traded, with about a 9 to 7 negative plurality on up/down volume.

The SOX Index was down 1.32 and that put a lot of pressure on the NDX today.

Nothing much to report on at all on TheTechTrader.com board, where no stocks were up or down as much as 67 cents. Medicore (MDKI) was the leading stock on the upside on my board, up 54 cents. On the downside, Mikron (MIKR) was down 66 cents and World Poker Tour (WPTE) down 58 cents. Those were the two loss leaders.

So I would call today a retest on both sides. Both support and resistance were retested. The net result was the market did not commit either way.

The levels we'll be watching tomorrow are the 1578-80 resistance zone on the NDX and support at 1559-60. S&P 500 resistance is at 1195 and support at around 1183-84.

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.