We had a volatile session with the indices closing up on the day based on news. The day started out with a narrow, coiling type pattern that initially resolved to the upside when rumors of Bank of America taking over Countrywide were favorably met. The indices then sold off and retested, but held support, and they came on strong near the close, making nominal new highs on both the S&P and the Nasdaq 100. But when formidable resistance at 1430 on the S&P was unable to be penetrated on two attempts, they sold off in the last 20-30 minutes.

But they still ended up on the day, with the Dow up nearly 118, the S&P 500 up more than 11 and the Nasdaq 100 up just 4.44. The Philadelphia Semiconductor Index (SOXX) was actually down 0.39 putting a drag on the NDX today.

The technicals, however, were positive by 2 to 1 on advance-declines and 3 to 1 on up/down volume on New York on total volume of over 2 billion. Nasdaq was 3 to 2 positive on advance-declines and 2 to 1 positive on up/down volume, with about 2 1/2 million shares traded.

TheTechTrader.com board was very mixed today. On the plus side, old favorite Chindex (CHDX) was up 2.20 today, the leading point-plus gainer on our board. Sigma Designs (SIGM), one of our portfolio positions, advanced 2.06 and closed near 47 at 46.81. Fushi (FSIN) was up 1.74 and China Finance Online (JRJC) up 1.36 in the Chinese sector, along with China Natural Resources (CHNR) up 70 cents.

Other stocks of note, UEPS advanced 50 cents, Hoku Scientific (HOKU) 32 cents, Emcore (EMKR) 57 cents, Eschelon Corp. (ELON) 79 cents, and portfolio position Akeena Solar (AKNS) up 77 cents.

On the downside, point-plus losers included DryShips (DRYS), down 3.08. Also in that sector, Excel Maritime (EXM) lost 1.58 and TBS International (TBSI) 1.07, so shippers continue weak.

The SDS gave back 1.41, as would be expected for the S&P's ultrashort ETF.

Stepping back and reviewing the hourly chart patterns, despite vacillations and volatility today, the indices did manage to end higher and move above the declining moving averages on the hourly charts, for both the S&P and the NDX. However, the late pullback, particularly on the S&P, came from formidable resistance at 1430. That's a level we'll be watching to see if the S&P can penetrate tomorrow.

The Nasdaq 100 at its intraday high today was about 10 points short of its resistance level, which remains in the 1980-82 zone.

So that trailed the S&P today. We'll see whether they can play catch-up tomorrow and if the markets can have additional 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.