The indices ended dramatically higher with a late closing rush that broke the indices out across declining tops lines, moving averages and price resistance and out of a three-day trading range, with some conviction. The late surge moved the technicals solidly into the plus column as well.

The day started out with a gap up. They then backed off overhead resistance and came down sharply but held support, started a 5-wave move into mid-afternoon, pulled back and retested successfully and then exploded in the last hour, closing at the highs for the day.

The Dow was up 117 1/2, the S&P 500 up more than 18, the Nasdaq 100 up 23 1/2, and the Philadelphia Semiconductor Index (SOXX) up more than 3, coming on late in the session from a losing position.

The technicals were positive by 2 to 1 on advance-declines on New York and by about 3 to 2 on Nasdaq. Up/down volume was 2 1/2 to 1 positive on New York and about 3 to 2 positive on Nasdaq. Total volume was a little less than 1.5 billion on New York and a little less than 2 1/2 billion on Nasdaq.

TheTechTrader.com board was active and higher, led today by the solar energy stocks and the shippers. DryShips (DRYS) exploded for 10 points today on more than 5 million shares. Excel Maritime (EXM) was up 2.40, and TBSI up more than 2 points.

Our Charts of the Week this week, the junior solar energy stocks, had an excellent session. Ascent Solar (ASTI) popped 1.54, ESLR 1.33, and CSIQ 46 cents. CSUN, also in that group, was up 72 cents.

Other stocks of note, Sigma Designs (SIGM) closed over 60 for the first time, at 60.16, up 1.79. Home Inns & Hotels (HMIN) was up 1.34, Energy Conversion Devices (ENER) 1.31, and Cree Inc. (CREE) 1.03. The XLE in the energy sector was up 2.51, with crude oil strong.

Recent Chart of the Week Bottomline Technologies (EPAY) reversed $1.80 off this morning's lows and closed up 87 cents on the day, a nice reversal there.

On the downside, the SDS was down 1.33 and DUG 1.92, as they are short instruments for the S&P and oil. Boxer Short & portfolio position Constellation Energy (CEP) lost 77 cents, GigaMedia (GIGM) got hammered for 2.29, and VMware (VMW) down 1.61.

Stepping back and reviewing the hourly chart patterns, as indicated earlier we had a late strong rally that broke the indices out across 5-day declining tops lines, lateral price resistance, and moving averages; what we'll be looking for tomorrow is a strong follow-through.

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.