It was an exceptionally bullish session for the stock market today, with the indices gapping up at the opening. After a 15-minute hesitation they then bolted to the upside, with the NDX particularly having a very strong move taking it from about 1815 to 1860 inside of the first hour. The S&P 500 moved steadily higher but a lot slower, and during the afternoon portion when the NDX backed and filled the SPX actually played catch-up, went to new highs late in the session, moving to the highs for the day going away.

Net on the day the Dow was 266 1/2, the S&P 500 up 28.80, and the Nasdaq 100 up 42.56. The Philadelphia Semiconductor Index (SOXX) up 7.80, more than 3 percent.

The technicals had a terrific session as well. Advance-declines were about 3 1/2 to 1 positive on New York and 2 1/2 to 1 positive on Nasdaq. Up/down was a strong 5 to 1 positive on New York on total volume of 1 1/3 billion. Nasdaq traded a little more than 2 1/4 billion and had a ratio of 3 to 1 positive on advancing over declining volume.

We'd like to see a strong follow up tomorrow, but today was what I would consider an important day technically because key support was tested and held and then they came on strongly in late afternoon trading.

TheTechTrader.com board was mostly higher with some very strong gains. New portfolio position Energy Conversion Devices (ENER) closed at 66.42, up 5.12 on 2 1/2 million shares, an exceptional session. Canadian Solar (CSIQ) came on along with the other solars late in the session on some positive analyst remarks, closing at 30.48, up 3.23 on 4.3 million shares.

Among other solars, JA Solar (JASO) gained 1.78 and Solarfun (SOLF) was up 1.14.

Airlines were strong, with United (UAUA) up 1.50, and American (AMR) up 1.48.

Other stocks of note, portfolio position A-Power Energy (APWR) at 26 was up 1.60. It reversed $3 off its 23 low earlier in the session with a nice reversal session. The DUG oil & gas short ETF advanced 97 cents. Aluminum Corp. of China (ACH) was up 84 cents, recent Chart of the Week AVAV was up 62 cents, CarMart (CRMT) up 64 cents, and DryShips (DRYS) 71 cents in a generally lackluster shipping sector today.

On the downside, portfolio position GSI had a big negative reversal from 16.68 early in the morning, closing at 13.96, down 1.09 on 1.8 million shares. That was the loss leader on my board today, other than the USO, which lost 2.34 on the decline in oil today, and some of the short instruments, SDS and QID, down 3.10 and 1.50, respectively.

The QQQQ advanced 92 cents, and Sigma Designs (SIGM) at 18.05 was up 95 cents, closing over 18 for the first time in seven weeks.

Exide Technologies (XIDE) advanced 76 cents, and Washington Mutual (WM) 50 cents on more than 105 million shares.

Stepping back and reviewing the hourly chart patterns, the indices came on strong today and may be completing bottoming patterns, especially on the NDX, as several tests have been successful over the last few weeks. However overhead resistance initially in the 1850 zone and then around the 1865-70 area are the next formidable resistance that they’ll need to contend with.

On the S&P, the 1278-80 zone will be important, followed by the 1290-92 zone.

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.