Today was turnaround Tuesday, as the market moved lower all session, closing at the lows for the day going away.

The day started out with about 30 minutes of backing and filling near the zero line, but when no rally was apparent, they started selling off, broke initial support, and then sold off sharply to test support lows. They did bounce late in the morning, but at lunch hour they were stymied at resistance near the intraday moving averages, and for the rest of the day slid lower.

The Dow was down more than 207 points, the S&P 500 down 26 1/3, and the Nasdaq 100 more than 33. The Philadelphia Semiconductor Index (SOXX) was down better than 2 percent, or 11 Ã,¼.

The technicals definitely confirmed that, particularly on the NYSE where the action was more negative. Advance-declines were nearly 7 to 1 negative on New York and 3 to 1 negative on Nasdaq. Even worse was the up/down ratio on volume, which was about 13 to 1 on New York, nearly climactic proportions. They were somewhat better on Nasdaq, at more than 5 to 1 negative. Total volume was just under 1 Ã,¾ billion on New York and under 2 billion on Nasdaq.

TheTechTrader.com board was mostly negative. But former Chart of the Week Excel Maritime (EXM) gained 2 points today, displaying strong relative strength.

GigaMedia (GIGM) on excellent earnings jumped 1.16 on more than 7 Ã,¼ million shares, and was the #2 leading gainer on Nasdaq, up nearly 11 percent.

But the star of the day was EMC's spin-off VMWare (VMW), which opened for trading today. The IPO came at 29. The stock opened near 50, traded as high as 55 Ã,½, before closing at 51, up 22 points today, on 38 million shares traded.

On the downside, there were plenty of losers. Dynamic Materials (BOOM) really pulled back hard, down another 3.29, closing at 39.79. Eschelon Corp. (ELON) also continued its recent losing ways, down 3 Ã,¼ at 22.26. JA Solar (JASO) fell 2.05 at 32.05.

Other point-plus losers included DryShips (DRYS) down 2.20, China Medical Technologies (CMED) down 1.81, Chindex (CHDX) 1.33, Aluminum Corp. of China (ACH) 1.75, FuelTek (FTEK) 1.75, and Sigma Designs (SIGM) 1.07.

Stepping back and reviewing the hourly chart patterns, the indices immediately broke support early on and had a negative session for the rest of the day, unable to get back above intraday moving averages and price resistance.

The S&P fell to new decline lows, at the very end of the day, taking out the earlier double bottom by a couple points, but not confirmed by the NDX. Perhaps that was due to the lateness of the session, but the way the patterns are set up it sure looks like lower prices are ahead.

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.