The stock market got an early morning follow through to yesterday's rally and extended the four-day move, but mid-morning they rolled over, tested and bounced, consolidated during the lunch hour and then rolled over in the afternoon and headed sharply lower mid-afternoon.

The indices had a positive start to the week price-wise, but failed to get through KEY short-term resistance.

The market ended mixed to close the week out, with Nasdaq performing strongly all session and the blue chips being weak for most of the session.

Today could have been an important day for the indices, as key tests have held so far. Harry Boxer wonders if they can follow through to the upside and take out declining tops lines and overhead resistance to substantiate an important bottom in place.

The indices had another follow-up down session and ended the day at the lows for the day going away, after a nasty afternoon slide wiped out all of the morning rally efforts.

It was a nasty day on Wall Street, with the indices closing at the lows for the day going away, right near key short-term support. Tomorrow will be a vital session for the trend.

The markets had a down day to start the week. They opened negatively and went lower most of the session in a stair-step fashion, following down-channels for most of the day. At the end of the day they rolled over again,closing near the lows for the day going away.

The afternoon surge and strong close augur well for future price progress, as certain key short-term technical levels of resistance were taken out on the S&P, and the NDX is currently testing those levels.

The result of today's action was a confirmation that the consolidation of the last several days was likely a bullish one, and that the indices can work higher now.

The overall patterns that had developed prior to the FOMC announcement were promising ones, and the market certainly took off after the announcement but failed to hold those gains.