After yesterday's steep slide the indices managed to stabilize and actually move up on the session.

They started out with a move up off the opening, and then pulled back and backed and filled. The S&P 500 went to new pullback lows, but the NDX was far from it. When that occurred, they rallied back, with the NDX going to new snapback highs. The S&P did not take out the morning high at that point, and they pulled back once again mid-day. But they came on again, went to new session highs by mid-afternoon, reaching right at formidable resistance near 1980 on the NDX, but broke out above 1400, though just nominally so, for a few minutes on the S&P without following through, and sold off again in the last couple hours. A late snapback brought them back into more positive territory.

The Dow was up 52.43, the S&P 500 up 5.11, and the NDX 15.44. The Philadelphia Semiconductor Index (SOXX) was up 2 1/4.

Technicals were positive but not by as much as you would think. NYSE advance-declines were positive by 500 issues, 18 to 13, while Nasdaq was positive by only 162 issues.

Up/down volume was 6 to 5 positive on New York on less than 1.2 billion traded. Nasdaq traded just over 2 billion and had a 5 to 3 positive ratio on advancing volume over declining volume.

TheTechTrader.com board was mixed, but there were some really outstanding issues today. The star of the day and the week was Energy Conversion Devices (ENER), which blew out earnings and surprised the Street, gapping up 8 points and running another 7, closing up 15.10, just under 50, the highest level in 2 years on a whopping 21.4 million shares.

Former portfolio position Canadian Solar (CSIQ) came back with a vengeance today, up 3.20 on 2.8 million, closing at 31.49. Portfolio position Excel Maritime (EXM) was up 2.27 to 45.24. Other stocks in that group, DryShips (DRYS) was up 1.79 and TBS International (TBSI) up 1.15.

Vertex Pharmaceuticals (VRTX) gained 1.03, rounding out the point-plus gainers on our board.

Among the fractional gainers, Ascent Solar (ASTI) in the solar sector was up 55 cents, GENC up 73 cents, and China Finance Online (JRJC) up 40 cents. Exide Technologies (XIDE) was up 27 cents, and Chindex (CHDX) up 38 cents.

On the downside, the leading loser on our board today was Clearwire (CLWR) down 1.46, although it did recover about a point off the session. The only other point-plus loser was Jinpan (JST), down 1.14 on some profit-taking.

Other losses of note, Emcore (EMKR) dropped 64 cents, very disappointing action there. Home Inns & Hotels (HMIN) was down 65 cents, and VSCI off 40 cents, closing at 5.58, but way off its spike low in the early morning when it dropped down to 4.33.

Stepping back and reviewing the hourly chart patterns, the indices snapped back, tested resistance, and backed away in the afternoon. This is a key point for the indices. They still have an opportunity to save the uptrend if they can hold this morning's lows. Tomorrow we'll be watching resistance at 1980 NDX and 1403 SPX.

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.