The indices had a strong session to close out the week. The majority of those gains were on the opening bell when the indices gapped up strongly after MSFT had a strong earnings report and was several points higher in the pre-market. Later in the session Countrywide ( CFC) positive conference call comments helped bolster its stock & the general market.

The indices gapped up strongly at the opening, then pulled back very sharply almost immediately on the Nasdaq 100, before stair-stepping lower for most of the morning. They reached their session lows after pulling back into the opening gap but faied to follow through late in the morning, then rallied into mid-afternoon where they pulled back again. Despite new highs on the S&P 500 and Dow, the Nasdaq 100 failed to confirm. The pullback, however, did hold support. They were unable to follow through to the downside, and then snapped back again in the last half hour.

The Dow closed with a hefty gain of more than 135 points, closing back over 13,800. The S&P 500 closed up 21 at 1535 and change, and the Nasdaq 100 was up 33 to 2194 and change. The Philadelphia Semiconductor Index (SOXX) was down for most of the session, although it was only off a half point today -- several points off its earlier high, however.

The technicals were strongly positive by nearly 3 to 1 on New York and 2 to 1 on Nasdaq. Up/down volume was a strong 4 1/2 to 1 positive on New Yok and 2 1/2 to 1 on Nasdaq, where more than 2 1/2 billion, with the NYSE trading about 1.4 billion.

TheTechTrader.com board was mostly higher. Many were only up fractional gainers, but the point-plus gainers included Sierra Wireless (SWIR), up 2.62 to 21.69 on nearly 5 million shares after a strong earnings report. Chinese hotelier Home Inns & Hotels (HMIN) hit a new all-time high today, closing up 1.76 at 48.27 after reaching over $50 for the first time

Chindex (CHDX) hit another new all-time high today at 34.69, before profit-taking pulled it back to 34.20, still up 1.13 today. China Medical Technologies (CMED) advanced 1.33. Bottomline Technologies (EPAY) gained 1.13, and Sigma Designs (SIGM) closed over 56, up 1.42.

On the downside, VMware (VMW) surged in the morning, but gave back all its gains and then some, closing down 1.91 on a reversal day. Other losses included some of the shipping stocks, with Excel Maritime (EXM) down 2.18 and DryShips (DRYS) down smaller fractions. FLML gave back 1.23, and CRDC 1.87. The SDS lost 97 cents and the QIDs 48 cents.

Stepping back and reviewing the hourly chart patterns, the indices had a solid session today with the S&P breaking through solid overhead resistance near 1530-31, closing at 1535 and change. The Nasdaq 100 did not manage to take out its highs, and still is beneath overhead resistance currently in the 2204-05 area.

We'll see what Monday brings, but the market gave a good account of itself this week and closed near the weekly highs on the Nasdaq 100.

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.