It was a very strong session with a big gap up in the morning, a pullback mid-morning that held support, and then a steady move higher that accelerated into the afternoon, particularly on the Nasdaq 100, that took it to new 7-year highs. The S&P 500 was a lot less buoyant, although late in the day they did come on and close near the session highs.

Net on the day the Nasdaq 100 broke through 2200, closing at 2205, up 47.73. The Dow was up 109 1/4 and the S&P 500 up 13.27, with both of those indices closing not far off the highs for the day going away, while the Nasdaq 100 closing at the exact high for the day. The Philadelphia Semiconductor Index (SOXX) fell 1.20, and was down for most of the session today, showing negative divergence.

The technicals were positive, but only in the last 20-30 minutes did they really come on. Advance-declines were nearly 3 to 2 positive on Nasdaq, with up/down volume about 2 to 1 positive, on total volume of about 2 1/4 billion. NYSE volume was a little less than 1.3 billion with a better than 2 to 1 positive ratio.

TheTechTrader.com board was particularly strong today. Multiple-point gainers abounded, led today by GOOG up 25 and BIDU up 33.60. DryShips (DRYS) gained 8.90, TBSI up 6.18, VMware (VMW) up 3.77, and Chindex (CHDX) up 3.10, with Global Solutions (GSOL) ahead by 6 1/2 points today. Excel Maritime (EXM) also advanced 4.63 in a strong shipping sector.

Other stocks of note, recent Chart of the Day Cardica (CRDC) at 13.44 was up 2.20 on 1 1/4 million. That was our Chart of the Day again today. Chinese stocks were generally strong too, with Home Inns & Hotels (HMIN) up 2.32 and Aluminum Corp. of China (ACH) up 2.03.

Also advancing more than a point was Nuance Communications (NUAN), up 1.19, and the QQQQ added 1.11 today.

On the downside, CSUN was down 92 cents on a downgrade. BPHX reversed sharply from near 20 to close at 18.80, down 82 cents. Ascent Solar (ASTI) was off 65 cents, and the SMH down 66 cents, along with the SDS down 84 cents. The QIDs got clobbered for 1.38 today because of the strong move in the Nasdaq 100.

Stepping back and reviewing the hourly chart patterns, key overhead resistance in the 2191-94 area was taken out in the afternoon today, as the Nasdaq 100 moved to 7-year highs. The S&P 500 trails by a long way, and is now some 55 points off its high from a couple weeks ago. But it did close at the highs for the day today although right at key price, moving average & trendline resistance.

The advance was rather narrow today and we'll see if that morphs into an eventual reversal. But with various negative divergences abounding and the market riding the coattails of BIDU and GOOG, as well as AAPL, up nearly 12 points today on strong earnings, momentum right now is strong and could last a few days longer or end at any time.

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.