The indices had a solid up-session on Thursday, although volume was light on the New York Stock Exchange, just under 1 billion shares in what seems to be the dog days of August setting in. However, after an early lower start, the indices turned it around and rallied strongly and steadily all morning into mid-day when it finally reached its peak. At that point, the Nasdaq 100 reached new rally highs just under 1970. The S&P 500 managed to just tag the 1300 level, which was secondary overhead resistance, and then they pulled back steadily in a three-wave decline into late afternoon, at which point support held and they turned around and firmed back up into the close.

Net on the day the Dow was up 83.46, the S&P 500 up 7.10, and the Nasdaq 100 up 22.36. The Philadelphia Semiconductor Index (SOXX) was up 4 today, a little more than 1 percent.

Advance-declines were a little less than 2 to 1 positive on the NYSE and about 3 to 2 positive on Nasdaq. Up/down volume was 2 to 1 positive in New York on light volume, as noted before, of just under 1 billion. Nasdaq traded a little over 1 3/4 billion and had a ratio of almost 4 to 1 positive on advancing over declining volume.

TheTechTrader.com board was mixed with point-plus gainers and losers all the way around. Shippers led the way again today, with DryShips (DRYS) up 5.83, reaching just under 80, closing at 79.61. Excel Maritime (EXM),which we highlighted yesterday as the Chart of the Day, jumped 2.42, closing near the highs for the day going away on 2.9 million. TBS International (TBSI) advanced 2.04 to 34.09.

Elsewhere, Sigma Designs (SIGM) had an unusually outstanding day, up 1.60 to over 19.90, touching 20 intraday for the first time in several months. Aerovironment (AVAV), one of our former Charts of the Week, gained 1, and the DUG snapped back 1.18 on the back off in crude oil today.

On the downside, Almost Family(AFAM) lost 1.17, and Chindex (CHDX) 1.34. Those were the only point-plus losers on our board. IPHS gave back 98 cents and VISN 87 cents today. VSE took a chunk back, down 89 cents today, a big loss for that stock.

Stepping back and reviewing the hourly chart patterns, the indices extended their rally today on the Nasdaq 100, but failed to do so on the S&P 500 and backed off in the afternoon. Still, they closed with a solid session ahead of options expiration day.

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.