It was another huge day for the bulls, as the market exploded after a brief early morning dip, and then ramped up in stair-step fashion for the rest of the day, closing near the highs for the day.

The day did start out with a dip that retested yesterday afternoon's lows but held right there. When they turned around sharply they really started to accelerate. Within 30 minutes they took out the double-top from yesterday on the NDX, and within an hour took out the SPX highs. At that point it was bombs away, as the market kept rolling until it reached as high as 7184 and change on the Dow, 752 and change on the SPX and 1167 and change on the NDX.

Net on the day the Dow was up 240 to 7170, the S&P 500 up 29.38 to 750.74, and the Nasdaq 100 up 38.76 to 1164.71. Not too far off the highs.

The technicals were very strong. Advance-declines were more than 10 to 1 positive on New York and 4 Ã,½ to 1 positive on Nasdaq. Up/down volume was more than 20 to 1 positive on New York and about 9 to 1 positive on Nasdaq.

TheTechTrader.com board was extremely strong, with many point-plus gainers. Leading the way were the financials by far, with JP Morgan (JPM) up 2.80 to 23.20, Morgan Stanley (MS) up 1.67 to 24.18, Bank of America (BAC) jumped nearly 1 closed up 92 cents to 5.85, Wells Fargo (WFC) up 2.07 to 13.95, and the Direxion Financial Bull 3x Shares (FAS) had a terrific day, from a 3.80 low this morning, reaching as high as 5.18, closing at 5.05, up 1.03 on over 300 million shares.

Oil advanced more than $4, and the U.S. Oil Fund ETF (USO) jumped 1.93 to 28.23. The Direxion Large Cap Bull 3X Shares (BGU) was up 2.13.

The Ultra Oil & Gas ProShares (DIG) was up 1.07, and the iShares MSCI Brazil Index ETF (EWZ) up 1.14.

On the downside, the ultrashort ETFs got hammered again. The Direxion Financial Bear 3x Shares (FAZ) lost 14.49 to 41.60. The Direxion Large Cap Bear 3X Shares (BGZ) dropped 11.16 to 80.71, and the SRS ultrashort real estate ETF was down 11.10 to 60.86.

There were other gains of note today, particularly in our portfolio, as Akamai (AKAM) jumped 78 cents to 18.49, DG FastChannel (DGIT) was up 63 cents to 16.15, and Energy Conversion Devices (ENER) snapped back 24 cents to 17.67. That was 1.70 off its low.

In addition, General Electric (GE) jumped 9.57 up 1.08 on 352 million. Geron (GERN) up 33 cents to 4.42. GigaMedia (GIGM) gained 14 cents to 5.36. Hartford Financial Services (HIG) also advanced 73 cents to 6.15. Sequenom (SQNM) was up 54 cents to 14.49. Starent Networks (STAR) was up 29 cents to 17.36. TeleCommunication Systems (TSYS) gained 41 cents to 8.65. Net 1 Ueps Technologies (UEPS) at 13.50 was up 45 cents

So, a strong day for TheTechTrader.com and our model portfolio.

Stepping back and reviewing the hourly chart patterns the indices forged ahead and confirmed the breakout after yesterday's beautiful consolidation move, but are now approaching secondary key overhead resistance. I'm expecting perhaps a bit of an extension, but then a consolidation session, and any sort of rest the market takes would be welcome and can be used to fortify the pattern.

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.