The indices put on a nice show and closed going away at the highs for the day and at multi-month highs, breaking finally out above the SPX 1420-22 resistance zone, by just a point or so. We'll see if we get a follow-through tomorrow, but it certainly was an impressive day after a sloppy start.

The day started out with a move slightly to the downside. They backed and filled in a little rising pattern that looked like potential bear flags. But they never followed through to the downside. When they started to break to the upside late in the morning and then took out the morning highs, that's when the market started to really accelerate.

They reached mid-session highs and then consolidated for a couple hours in a bullish flag pattern, tested the initial support levels and intraday moving averages, but held, and came on strongly in the last 90 minutes, closing at the highs for the day going away.

The Dow closed just under 13,000, at 12,992.6, up 94.28. The S&P 500 got up to a new 4-month closing high at 1423.58. The Nasdaq 100 closed at 2031.34, up 34.04, and the Philadelphia Semiconductor Index (SOXX) was up more than 2 percent, just under 1420, up 8.43.

The technicals moved to the positive side by 22 to 9 on advance-declines on New York and by about 3 to 2 on Nasdaq. Up/down volume was the story, though. Despite fairly low volume on the NYSE, of under 1.2 billion, the plurality was a little less than 4 to 1 positive. Nasdaq was about a 4 1/2 to 1 positive ratio, on total volume of just under 2.2 billion.

TheTechTrader.com board showed a lot of green today. Leading the way once again were the shippers, with soaring DryShips (DRYS) up 7.46 to 106.50. TBS International (TBSI) also had a big session, up 5.80 to 57.97. Excel Maritime (EXM) was a bit of a lag, but still ended up 2.88 to 53.54.

Other multiple-point gainers today included VMware (VMW) , up 5.76 to 72.08, Chindex (CHDX), roaring back today on the heaviest volume in seven months, up 3.63 to 25.45.

Energy Conversion Devices (ENER) advanced 2.03 to 56.28. Low-priced China Architectural (RSH), yesterday's Chart of the Day, jumped 1.83 to 10.09 on more than 7 million shares. It traded as high as 10.87 earlier in the session.

Sigma Designs (SIGM) had a good session, closing at 23.10, up 1.27 and now approaching key overhead resistance.

Solar energy sector was a mixed picture. Canadian Solar (CSIQ) was down 40 cents and almost 3 off its earlier session high. Ascent Solar (ASTI) also had a negative session, down 95 cents at 15.89, but Solarfun (SOLF) at 18.47 was up 1.06. Trina Solar (TSL) was up 2.

Other stocks of note on the plus side, portfolio position Ceragon Networks (CRNT) broke out to new multi-month highs, closing at 11.12, up 74 cents on 1 1/4 million.

Immersion Corp. (IMMR) woke up today and jumped 47 cents. China Finance Online (JRJC) gained 64 cents, and portfolio position Northern Oil & Gas (NOG) hit a new all-time high at 11, closing at 10.55, up 41 cents.

Exide Technologies (XIDE) was up 74 cents to 14.87, Washington Mutual (WM) up 54 cents to 10.32, and SILO up 68 cents to 18.90.

On the downside, there was one point-plus loser on our board, portfolio position AgFeed Industries (FEED). When it couldn't get through the 19 1/4 resistance level, it rolled over hard, trading as low as 16.71 before bouncing, but closed down 1.20 to 17.20.

Vision Sciences (VSCI) had a bad session, down 52 cents, and Digital Ally (DGLY) despite setting new all-time highs at 11.41, reversed and closed at 10.82, down 24 cents.

Stepping back and reviewing the hourly chart patterns, despite the late plunge yesterday there was no downside follow-through this morning and the markets righted themselves, holding price, trendline and moving average support, and then moved steadily higher in a 5-wave advance, closing near the highs for the day going away and new multi-month highs. This augurs very well for additional price progress, although tomorrow is options expiration and we may see a turn in this market over next session or two following options expiration Friday.

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.