The market had some volatile action early on, but other than that it was very narrow for the rest of the session.  The day started with a sharp move off the get-go, as they rallied to new highs on the Nasdaq 100 above 1610 resistance to about 1612 1/2.  The S&P 500 moved to a new rally high above 1233.  Then they came down sharply in the morning, tested the lows successfully, but from there on out the market meandered sideways in about in a 5-6 point range on the Nasdaq 100 and about a 3 point range on the S&P 500.  It was rather boring in the afternoon session.

Net on the day the Dow was down 33, the S&P down 2, but the Nasdaq was up 4, with the SOX Index up 2 3/4, although that one was up about 5 points higher earlier in the day.

The technicals were positive, but slightly so by about 18 to 14 1/2 on advance-declines on New York and only 16 to 14 on Nasdaq.  Up/down volume was 8 to 7 positive on New York with 1.5 billion traded.  There was 1.8 billion traded on Nasdaq, with about 4 to 3 positive on up/down volume.

TheTechTrader.com board was mostly higher.  The vast majority of issues traded on our board had a good day.  Vertex Pharmaceuticals (VRTX) continued to new multi-year highs, up 1.96.  Momenta Pharmaceuticals (MNTA) snapped back sharply from Friday's losses, gaining 1.81.

Lexar Media (LEXR) jumped 1.15 on 20 3/4 million shares on positive news. Forward Industries (FORD) jumped 1.18.  Dynamic Materials (BOOM) was up 74 cents, and Biovail (BVF) up 67 cents.

New multi-year highs on Distributed Energy Systems (DESC), up 46 cents.  Energy Conversion Devices (ENER) continued its surge higher, up another 87 cents and hitting a new all-time high today, up 46.85, before backing off a point.

Kendle International (KNDL) was another 80 cents higher.  Spire Corp (SPIR), one of this week's Charts of the Week, was up 50 cents.  ScanSoft (SSFT), one of our recent Charts of the Week, was up 46 cents.

It was generally a positive day.  On the downside, Sierra Wireless (SWIR) on a downgrade was off 55 cents.  But most other stocks were off just small fractions if they were off at all.

Stepping back and reviewing the hourly chart patterns, the indices tested intraday support, which held all session, but resistance also prevented the indices from making any further progress.

Although the S&P looks a little toppy, the NDX was diverging positively today, and we'll see which way they go tomorrow.  But right now the trend is still positive, and we have not broken any key support levels.

Good trading!

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.