The stock market indices were up again at the close, particularly because of the last hour’s sharp move that saw the Nasdaq 100 close at new 52 week highs at just a penny under 1893. The S&P 500 got over 1145 and closed just underneath it.

It was a very strong session, particularly on Nasdaq. Both the SPX and NDX started down, held support and then reversed sharply, more so on the NDX ,which quickly reached Wednesday afternoon’s rally. The SPX at that point failed to take out the highs and actually moved sideways for the next several hours while the NDX continued to make higher highs all day. In the last hour, the NDX pushing through the earlier highs to new session highs finally dragged the SPX with them and pushed them into the positive column, as well.

Net on the day the Dow was up just 11.33 at 10618.19, the S&P 500 up 3.29 just under 1144.98, and the Nasdaq 100 up 15.87 to 1892.59, pushed by the Philadelphia Semiconductor Index (SOXX) up 5.38 at 367.68.

Advance-declines were better than 3 to 2 positive on New York and about 8 to 5 positive on Nasdaq. Up/down volume was 5 to 4 positive on New York on total volume of just under 1 billion. Nasdaq traded over 2 billion and had an almost 3 to 1 positive volume ratio.

TheTechTrader.com board was active. Chinese stocks once again led the way! China Agritech (CAGC) was up 3.03 to 36.86. China Automotive (CAAS) advanced 1.63 to 24.48 and AsiaInfo (ASIA) 1.86 to 29.78. RINO International (RINO) gained to 1.10 to 31.24 and Canadian Solar (CSIQ) jumped 1.29 to 32.68

Genco (GNK) popped 1.20 to 25.68 as the shippers were generally firm today. Nanometrics (NANO) was up 1.03 to 12.53 and OSI Systems (OSIS) 2.75 to 31.

Among the large fractional gainers, ICX Technologies (ICXT) up 87 cents to 8.97, Immunomedics (IMMU) up 78 cents to 4.05, and Cytori (CYTX) 78 cents to 7.26. Portfolio positions Xyratex (XRTX) gained 83 cents to 14.55, and Rambus (RMBS) added 44 cents to 23.59. SmartHeat (HEAT) advanced 46 cents to 17.15.

Among the ETFs, Direxion Large Cap Bull 3X Shares (BGU) rose 60 cents to 57.13, with the Direxion Financial Bear 3x Shares (FAZ) up 19 cents and UltraShort Real Estate ProShares (SRS) up a dime. The U.S. Oil Fund ETF (USO) added 21 cents to 40.93.

On the downside, there were no point-plus losers today, other than the Direxion Financial Bull 3x Shares (FAS), which dropped 1.07 to 84.99.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply, particularly on Nasdaq in the morning, and stair-stepped their way higher all day. The SPX moved up in the morning, but then moved sideways for most of the session until the last hour, when it vaulted to new 2009 highs, closing just under 1145.

It looks like the rally resumed and extending today, as the indices completed a very successful week to start the new year, certainly a positive sign for the market.

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