The indices had a topsy-turvy volatile session day today, swinging back and forth 8 or 9 times just in the morning part of the session, finally surging higher mid-day and reaching the highs for the day, but reaching only overhead resistance and failing to the follow through. That resulted in a very sharp pullback, which was exacerbated by the sharp rise in the price of oil on comments from OPEC.

The indices then plunged mid-afternoon, reaching last Friday's and this Monday's lows around the 1805 area on the Nasdaq 100, and reaching today's morning lows, which were the multi-week pullback lows on the S&P around the 1237 area. But late in the session they did stage a very strong snapback, as the NDX rallied from 1805 to 1840 and the S&P 500 from 1237 to 1254 just in the last 45 minutes or so.

So, an impressive last rally closing at the highs for that rally going away, but underneath the session highs.

Net on the day it was a positive session, with the Dow up 81 1/2, the S&P 500 up 8.71 and the Nasdaq 100 up 20.39. The Philadelphia Semiconductor Index (SOXX) was up 4.68.

The technicals, which were negative for most of the session, edged to the plus side on New York and substantially so on Nasdaq. Advance-declines were ahead by just 113 issues on New York and by more than 300 issues on Nasdaq. Up/down volume was just slightly higher on New York on total volume of 1.5 billion. Nasdaq traded more than 2 1/4 billion, and had a better than 2 to 1 positive ratio on advancing volume over declining volume.

TheTechTrader.com board was also mixed but generally higher. Leading the way today was the USO, fed by a late surge in oil, closing at 114.30, up 4.65. As a result, junior oils also snapped today, with GeoResources (GEOI) up 1.82, Pyramid Oil (PDO) up 2.20, and Brigham Exploration (BEXP) up 1.81, along with Northern Oil & Gas (NOG) up 78 cents.

Aluminum Corp. of China (ACH) had one of its best snapbacks of the last couple months, closing at 29.34, up 2.05 on 2 3/4 million shares.

Other than that there were only fractional gainers on our board, which included General Steel (GSI) up 61 cents, China Natural Resources (CHNR) up 40 cents, and portfolio position Acordia Pharmaceuticals (ACOR) up 45 cents. Advanced Battery (ABAT), also a portfolio position, was up 26 cents, and 3Par (PAR) gained 47 cents. Sequenom (SQNM) also advanced 32 cents and reached up near yesterday's new 6-year high, before backing off in the afternoon.

On the downside, Zoltek Companies (ZOLT), down 46, cents and JA Solar (JASO), down 62 cents, were the loss leaders, other than some of the short instruments, such as the short oil & gas ETFs. Those included the DUG, which lost 1.88 today, and the DGO, which lost 1.84.

Stepping back and reviewing the hourly chart patterns, despite the Nasdaq 100 making lower lows during the session, the S&P 500 failed to confirm that and ended up holding at key weekly lows. A sharp rally ensued at the end of the day that was impressive, but the key is going to be a 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.