The indices ended mixed and started out in a very consolidative, narrowing, coiling-type fashion for most of the morning. In the afternoon, when they failed to break to the downside and support held, they took off with a thrust to the upside and tested the recently set multi-year highs on the Nasdaq 100, although far from it on the S&P 500. However, the S&P did make a nominal breakout of its 6-day declining tops line and they backed and filled into the close.

Net on the day the Dow was off 3.58. That was about 68 points off the low. The S&P 500 was down just 1.16, about 9 points off the low. The Nasdaq 100 gained 8.38 and was more than 26 points off its earlier low. The Philadelphia Semiconductor Index (SOXX) was up 0.44, a good 7 points off its low. So it did come back, but managed to only close mixed on the day.

The technicals were flat on the NYSE, where only 33 more issues advanced than declined. On Nasdaq it was even narrower, with just 4 more issues higher than lower. Up/down volume was mixed and narrowly to the downside, but on Nasdaq it was 12 to 7 to the upside, with more than 1.9 billion traded. NYSE volume was rather light, less than 1 1/4 billion.

TheTechTrader.com board was active and mixed, but the shippers led the day today. TBSI International (TBSI) was up 6.45, Excel Maritime (EXM) closing at 80.77, up 5.02. That was one of our Charts of the Week from a few months ago at 28.

DryShips (DRYS) was up another 4.68 to 126.16, up nearly 100 points just in the last four months.

Other stocks of note, Research Frontiers (REFR) had a strong session, closing at 15.97, up 1.86. GigaMedia (GIGM)ran to new multi-year highs at 22.83 ,up 1.37.

Low-priced FONR on contract news was ahead 1.44, up 35% today. And China Medical Technologies (CMED) gained 1.25 today.

One of the big performers today was yesterday's Chart of the Day, Ascent Solar (ASTI), which jumped 2.78 to close at 20 on 2.4 million and set a new all-time high today.

On the downside, Home Inns & Hotels (HMIN) gave back 1.09, VMware (VMW) lost 2.40, and Aluminum Corp. of China (ACH) fell 4.45.

Stepping back and reviewing the hourly chart patterns, the back-and-forth type consolidation that had taken place over the last week or so on the Nasdaq 100 was resolved to the upside this afternoon, although the recently set new multi-year highs were not taken out at the 2194 area, reaching as high as 2191.6 today. The S&P still trails and despite afternoon firming was still down on the session, and the pattern was much flatter there than on the Nasdaq 100.

It remains in a downtrend, below its moving averages, and despite the fact that the Nasdaq 100 broke out, the blue chips continue to trail here.

We'll see with tomorrow being options expiration whether the Nasdaq market can pull the blue chips up, or the opposite happens, with the S&P pulling Nasdaq down.

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.