The indices extended their rally to nominal new 2009 highs earlier today, as they spiked up on positive economic news. The Nasdaq 100 reached 1655, and the S&P 500 neared 1038. They sold off sharply but held support, and then bounced mid-day to retry another run to highs, but they fell short and sold off most of the afternoon, although did have a bounce in the last hour or so to preserve the gains for the day.

Net on the day the Dow was up 30.01 to 9539.29, about 80 points off its high. The S&P 500 gained 2.43 to 1028, 9 points off its high, and the Nasdaq 100 was up 5 points at 1639.90, about 16 points off its high.

Advance-declines were positive by about 3 to 2 on New York and by just 210 issues on Nasdaq. Up/down volume was 3 to 2 positive on New York on total volume of a light 1.1 billion. Nasdaq traded 1.85 billion and had a little less than 4 to 3 positive volume ratio.

TheTechTrader.com board as a result was mostly narrowly changed, but there were some point plus gainers. Goldman Sachs (GS) advanced 2.36 to 164.94, Direxion Financial Bull 3x Shares (FAS) was up 2.21 to 77.73 and Human Genome Sciences (HGSI) advanced 2.05 to 19.21 on 22.4 million United (UAUA) gained 32 cents to 6.55 and American Airlines (AMR) jumped 56c in a firm airline group, which we highlighted in our video report this past Sunday.

In the junior biotech sector, OncoGenex Pharmaceuticals (OGXI) jumped 1.56 to 31.86, trading as high as 33.25, a new multi-year high. Jazz Pharmaceuticals (JAZZ) rose 53 cents to 7.05 on 4.4 million. . Matrix Initiatives (MTXX) gained 1.13 to 6.19 on 8 Ã,½ million, Vanda Pharmaceuticals (VNDA) jumped 73 cents to 14.20. Low-priced Willdan Group (WLDN) was up 2.02 to 3.75, a huge percentage gain there.

On the downside, the U.S. Oil Fund ETF (USO) lost 1.13 to 37.17 on lower oil today. In the weak ag/chem sector, Potash (POT) dropped 2.33 to 93.94, and Mosaic (MOS) 1.61 to 52.05.

Stepping back and reviewing the hourly chart patterns, up in the morning, back down sharply, then back up mid-day and back down in the afternoon, so a whippy day today, but the indices managed to hold positive gains on the session. We’ll see what the rest of the week brings and whether they are able to extend this rally.

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com.