The indices had a strong start to the week, but most of the gains came on large opening gaps. Highs were reached just about in the first five minutes.

They then backed and filled the rest of the day in constructive, consolidation-type patterns, which augurs well for future price progress. The day started out with a gap and a pullback that tested support. They bounced, tried to get back up to the highs, but couldn’t make it through and then rolled back and retested the lows. When that occurred they rallied them back in a 3-wave rally into the close, closing near the highs for the day.

Net on the day the Dow was up 56.07 at 9497.34, the S&P 500 up 8.99 at 1025.30, and the Nasdaq 100 up 16.74 to 1654.81. Advance-declines were positive by about 3 to 1 on New York and about 3 to 2 on Nasdaq. Up/down volume was 2 to 1 positive on New York on total volume of 1.3 billion. Nasdaq traded just over 2 billion and had a more than 3 to 1 positive volume ratio.

TheTechTrader.com board was mixed, generally positive, with some outstanding gainers particularly in junior biotechs. Star of the day Opexa Therapeutics (OPXA) closed at 5.66, up 4.13, a gain of 267%. Jazz Pharmaceuticals (JAZZ) ran from 8 1/2 in the morning to a high of 11.27, closing at 10.28, up 1.01, on 11.1 million. Sinovac (SVA) jumped to 10.33, but closed at 9.75, still up 61 cents on more than 18 million shares traded.

Junior oil play Brigham Exploration (BEXP) soared past 9, closing at 9.13, up 61 cents on nearly 4 million shares. China Green Agriculture (CGA) jumped 47 cents to 12.86. AgFeed Industries (FEED) advanced 47 cents to 5.46, General Electric (GE) 63 cents to 14 1/2 on 142 million, and Goldman Sachs (GS) in the generally positive financial sector was up 4.25 to 167.22.

Portfolio position RINO International (RINO) gained 47 cents to 14.05, and junior biotech SIGA Technologies (SIGA) 37 cents to 7.88. Direxion Financial Bull 3x Shares (FAS) was up 1.65 to 73.20, and U.S. Oil Fund ETF (USO) up 1.81 to 36.94 on firmer oil today.

On the downside, American International Group (AIG) got smashed at the opening, losing 4.20 to 35.95 on 40.6 million. That was our leading point loser, and the only other point-plus loser on our board today was Spectrum Pharma (SPPI), moving sharply lower after Friday’s drug news, down 1.14 to 7.19 on 9.4 million.

Stepping back and reviewing the hourly chart patterns, a gap up and then backing and filling for the rest of the day in bullish consolidation, with a strong close auguring well for future price progress. We’ll see if the markets can extend, but we’re up against key resistance and the going may get tougher here.

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