The indices ended with modest gains today on the blue chips, but the Nasdaq 100 had a very good session. The day started out with a spurt at the opening. They pulled back quickly and rather sharply on the S&P 500, holding right at yesterday afternoon's lows at 1350. At that point the Nasdaq 100 wasn't even close to its lows, and they turned around and rallied strongly all morning until just before the lunch hour when they went into a consolidation period. In the afternoon they ran to new highs on the Nasdaq 100, but that was not confirmed by the S&P 500 and they sold off in a choppy 3-wave decline, accelerating in the last half hour before a late bounce brought them back.

Net on the day the Dow was up just under 55, the S&P 500 just over 6, and the Nasdaq 100 up 26 3/4. The Philadelphia Semiconductor Index (SOXX) was up 6.52 today, just under 2%, and continues to press Nasdaq higher.

The technicals were positive on Nasdaq by 19 to 11 on advance-declines and 17 to 11 on Nasdaq. Up/down volume was 8 to 5 positive on New York and a little more than 3 to 1 positive on Nasdaq. Total volume on New York was a little over 1 1/4 billion, and Nasdaq volume was heavier today, just under 2.2 billion.

TheTechTrader.com board was very mixed and narrowly so, but there were several exceptional outstanding gainers today. Old favorite FuelTek (FTEK) on another contract announcement jumped 3 1/4 and broke out of a 3-month base pattern , closing at 23.78 on 1.1 million, an excellent day there technically. Chindex (CHDX), one of our favorites recently, at 43.18 was up 2.59, just underneath its all-time highs in advance of its 3 for 2 split next week.

Aluminum Corp. of China (ACH) gained 1.10 today. Energy Conversion Devices (ENER) was up 88 cents, Eschelon Corp. (ELON) 68 cents, Origin Agritech (FEED) up 91 cents, and Chart of the Week Jinpan (JST) was up 98 cents. GeoResources (GEOI) gained 69 cents as well.

On the downside, there were just fractional losses. Only WSI Industries (WSCI) was down more than a point, off 1.19.

Stepping back and reviewing the hourly chart patterns, the indices did well this morning by rallying strongly through two layers of short-term resistance, but the third layer was too much to overcome, and they backed off, closing right at the moving averages on the hourly charts on the Nasdaq 100 and just underneath them on the S&P 500.

So nothing is resolved right now, but the overall trend with rising tops and bottoms since the March lows is still intact. However, head and shoulders-type patterns have appeared, and obviously would be ominous if they do break them, although that hasn't happened yet.

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.