We had a pretty narrow session today and mixed at that. The day started out with a small gap up. They went to new rally highs, and then quickly pulled back in the morning in a 5-wave decline that lasted to mid-session. Then they vacillated several times in the afternoon but couldn't break out above resistance or below support, and basically marked time.

The Dow was down just 0.25, the S&P 500 down 1.57, the Nasdaq 100 down 4.89, and the Philadelphia Semiconductor Index up 3.69.

Advance-declines on New York were 1666 up and 1640 down. Nasdaq was a lot worse, negative by 3 to 2, or more than 600 issues lower. Up/down volume was 7 to 6 negative on New York and about 9 to 7 negative on Nasdaq. Total volume was a little more than 1 1/3 billion on New York and 1.6 billion on Nasdaq.

TheTechTrader.com board was pretty quiet today, with one or two exceptions. VMware (VMW), after dropping earlier in the day to around 65, rallied 5 points and closed up 3.35 on the day, at 70.20. The other point-plus gainer was Eschelon Corp. (ELON), up 1.06.

Other stocks of note, Ceragon Networks (CRNT) snapped back to 16.70, up 62 cents, more than 4 points off its low of last week.

On the downside, Dynamic Materials (BOOM) dropped 1.37, DryShips (DRYS) 1.34, FuelTek (FTEK) 1.25, along with JA Solar (JASO), down 1.25.

Stepping back and reviewing the hourly chart patterns, the indices continued early on their rally of the last 4 days, but they gave it back mid-morning and then consolidated for the rest of the day. The 5 min chart pattern's have the look of a 2-day head-and-shoulders top developing on both the SPX and NDX, with support at around 1920 NDX and around the 1455 area S&P ( the necklines). We'll have to see whether they take out support and/or resistance, which right now is around the 1933 NDX and 1465 S&P area.

Those are the levels will be keeping an eye on over the next few days. TheTechTrader.com is on vacation tomorrow, and we'll talk again on Monday.

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.