Today was another up-session, particularly on Nasdaq.  The day started out with a big gap up, led by Nasdaq, with a very strong move right at the get-go that saw the NDX gap up nearly 15 points.  The S&P opened strong and moved up sharply as well, then they backed and filled, retested successfully and moved to higher highs.

Despite the fact that the NDX powered ahead and broke through key short-term resistance at 1619-20, moving up as high as 1626 1/2, the S&P barely made a new high, and at that point the lack of thrust in the S&P and blue chips caused an afternoon rollover.

They pulled back, accelerating down to near the session lows on the S&P before a late snapback brought them back into positive territory.  The NDX never got that low and closed in the upper third of its range for the day.

Net on the day the Dow was up 50, the S&P a little more than 5, the NDX up 22 1/3, and the SOX Index was up nearly 2 percent today, or 8.31.  However, that was about 4 1/2 points off its earlier high.

The technicals were just marginally positive ,as advance/declines lead by just 16 to 15 on New York and 16 1/2 to 13 1/2 on Nasdaq.

Up/down volume was 11 to 8 positive with nearly 2 billion traded on New York and a little less than 2 to 1 positive, with 2.3 billion traded on Nadsaq.

TheTechTrader.com board today was generally positive with several outstanding stocks to the upside.  Biotech stock Abgenix (ABGX), on very positive drug news, soared 3 1/2 points on 37 1/2 million shares today.

CryptoLogic (CRYP) on a surprisingly good earnings report, surprised analysts, gapped up and ran away, closing up 3.73 at 20 1/2 on more than 1.5 million.

Following up on yesterday's big gains, Cutera (CUTR) also gained nearly 2 more points on more than 1 million shares, and Energy Conversion Devices (ENER) continued its 5-day advance, closing up near 35, up 1.59.

Other stocks of note, Neoware (NWRE) was up 53 cents despite being down sharply in the morning, a complete reversal there.

Sento (SNTO) was up 36 cents, ViroPharma (VPHM) 64 cents, and in the large-cap sector Apple Computer (AAPL) to another new all-time high, gained 1.90 on 31 million shares.

On the downside, Convera (CNVR) was off 79 cents, Forward Industries (FORD) 89 cents, and Rediff.com India (REDF) 42 cents.  BioCryst Pharmaceuticals (BCRX) fell 46 cents.

Stepping back and reviewing the hourly chart patterns, the significance of today was that the NDX took out its Sept-Oct double-top around 1619,reached as high as 1626 and backed off to close at that 1619 level. The S&P 500 ran up across its declining tops lines from Sept-Oct and ran into resistance before backing off, but is looking strong.

The indices are now overbought based on the oscillators and we may be due for some backing and filling or a retrenchment over the next few days.

Good trading!

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.