The markets had a very strong session for the bulls, starting strong and staying that way, except for a mid-afternoon dip that pressed support and held it. Then they came on strong and blew out the highs, closing at the 5-month highs on the Nadsaq 100 and new rally highs on the S&P 500. However, the SPX is far from confirming any new NDX multi-month highs, as it sits at 1404, some 36 points away from its mid-May high. So it's not likely that'll happen, and negative divergence could reverse suddenly, particularly tomorrow after the employment data is announced. With surprisingly strong economic reports coming out, investors were heartened, and if tomorrow's report is bullish this market could explode to the upside and squeeze the shorts out.

It was a terrific session, and the technicals were strong as well, with advance-declines positive by 4 to 1 on New York and 3 to 1 on Nasdaq. Up/down volume was more than 5 to 1 positive on New York on a light 1 1/4 billion in volume. Nasdaq did trade nearly 2.2 billion and had a 5 1/2 to 1 positive ratio on advancing over declining volume.

TheTechTrader.com board was extremely strong today. Leading the way was USO, the oil ETF, on the sharp rise in oil, closing at 103.86, up 4.88. Energy Conversion Devices (ENER) in the solar and alternative energy sector was up 4.26 to 65.30, tagging 66.14 earlier, a new all-time high. Mexco Energy (MXC) in the junior oil sector was up 4.75 to 40.74. Canadian Solar (CSIQ) at 47 was up 2.40, JA Solar (JASO) was up 1.32 to 21.48, and Solarfun (SOLF) up 91 cents to 22.16.

New addition, Zoltek (ZOLT) climbed to 32.25, up 1.26. China Architectural (RCH) gained nearly a dollar, up 97 cents.

Among other stocks in the junior oil group, former Chart of the Week Brigham Exploration (BEXP) was up 1.26 to 16.31 on 1.9 million. Acordia Pharmaceuticals (ACOR) jumped 1.54, and at one point reached up to nearly 33 a new all time high, but closed at 31.69.

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.