The indices had a strong follow-through beginning. With pre-market futures up strongly the indices gapped up . They had a nice flag-type consolidation in the first hour, and then they popped out and moved to more new rally highs and reached the highs for the session in the latter part of the morning. They had a 5-wave decline in the next several hours and filled the entire gap on the Nasdaq 100, but failed to do so on the S&P 500. They then snapped back strongly with about 2 hours to go, failed at resistance and rolled over, but held support and snapped back again in the last 10 minutes and ended solidly higher on the day.

Net on the day the Dow was up 76, the S&P 500 up 9 1/4, and the Nasdaq 100 up 6. The Philadelphia Semiconductor Index (SOXX) was barely ahead by just 0.68.

But technicals were solid today, as advance-declines were 2 to 1 positive on both exchanges. Up/down volume was a little better than 2 to 1 positive on both exchanges as well. Total volume increased to about 1 2/3 billion on New York, and to just under 2.2 billion on Nasdaq.

So, volume increased, technicals were solid, and the indices had a solid gain for the day.

TheTechTrader.com board was mostly higher, but a lot of the earlier gains were given back on many of the stocks. Point-plus gainers did include several of the solar stocks. LDK was up 5.60, SPWR up 3.95, Ascent Solar (ASTI) up 84 cents, and low-priced DayStar Technologies (DSTI) woke up today and jumped 1.13, a gain of 23 1/2 %.

Other stocks of note on the plus side, portfolio position Cree Inc. (CREE) had an outstanding session. It broke out and ran hard, up 2.77, trading heavy volume today of 4 3/4 million shares.

DryShips (DRYS) in the shipping sector was up 1.74. Old favorite and previous Chart of the Week DG FastChannel (DGIT) was up 2.18 to 24.45, breaking out to new all-time highs.

Nuance Communications (NUAN), a portfolio position, was up 56 cents. Taser (TASR) alos a portfolio position had an excellent day, closing at the high for the day going away, up 75 cents on 3 1/3 million. VMware (VMW) advanced another 3.70 today on 4 1/4 million.

On the downside, Vicon (VII) lost 61 cents and Research Frontiers (REFR) 60 cents. Sigma Designs (SIGM) had a very strong early gain, but gave back more than 3 1/2 from its high before bouncing and ended down 55 cents on the day, on nearly 2 million shares. It was a high-volume reversal day there.

Other stocks of note, FuelTek (FTEK) lost 58 cents, Global Solutions (GSOL) 59 cents, and Eschelon Corp. (ELON) 93 cents, reversing 2 points on the day.

Stepping back and reviewing the hourly chart patterns, after a strong morning the indices came down in an orderly fashion, a 5-wave decline, and then snapped back 50% of its losses before backing and filling into the close. But overall a positive day, good technicals, and the rally rolls on.

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.