The stock market indices had an interesting and volatile session, but at the end of the day after the FOMC announced they managed to stage a sharp 3 wave rally and closed near the highs for the day. Only a last 10-minute profit-taking pullback brought them off the highs for the day. But it was a positive day for the indices, particularly because key support held, especially on the Nasdaq 100.

The day started out with a move up and very sharp selloff that took out the support lows on the S&P 500 but not so on the NDX. That resulted in a bounce that faded and rolled over again, making new lows for the session and by 1 point taking out the NDX lows as well, but only nominally so. They then firmed into the FOMC announcement, bounced around wildly for a few minutes after that and then took off. With an hour to go they backed off sharply but held support, and then came on again into the close to post new session highs, before the late pullback.

Net on the day the Dow was up 41.87 at 10236.16, the S&P 500 up 5.33 at 1097.50, and the Nasdaq 100 up 15.04 to 1818.90. The Philadelphia Semiconductor Index (SOXX) closed up more than 1 percent, up 3.93 at 337.45.

Advance-declines were just about dead-even flat on New York and nearly 3 to 2 positive on Nasdaq. Up/down volume was 7 to 5 positive on New York on total volume of just under 1.3 billion. Nasdaq traded over 2.4 billion and had almost a 2 to 1 positive volume ratio.

So, as a result of the late rally, many stocks did manage to get back into the plus column. TheTechTrader.com board, however, had only one point-plus gainer and one point-plus loser. The Direxion Financial Bull 3x Shares (FAS) gained 4.25 to 72.16, while the Direxion Financial Bear 3x Shares (FAZ) gave back 1.28 at 19.18.

Among the large fractional gainers, Revlon (REV) was up 61 cents to 15.54, Human Genome Sciences (HGSI) 70 cents to 18.22, and A-Power Energy (APWR) up 67 cents to 12.58, along with the Direxion Large Cap Bull 3X Shares (BGU) up 67 cents to 50.13.

On the downside, Canadian Solar (CSIQ) lost 66 cents to 22.38, China Agritech (CAGC) 38 cents to 27.80, and SmartHeat (HEAT) 42 cents to 12.85 in a continuingly weak Chinese sector. Stepping back and reviewing the hourly chart patterns, they were choppy in the morning, dipped to session lows by mid-day, and rallied strongly in the afternoon, accelerating especially after the FOMC announced.

So it was a strong close, but key overhead resistance at the 1825 NDX level and the 1103-05 SPX level are still containing prices, and we may soon see whether the past 3 days price action turns out to be a basing period or a consolidation zone along the way to lower levels.

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