The stock market indices started out with a pop from the get-go with strong futures, then rolled over hard early on, held support, and rallied sharply to new snapback rally highs, reaching as high as the 2027 area on the Nasdaq 100 and the 1208.58 area on the S&P 500. They then pulled down in a midday decline, but held initial support, and bounced, making nominal new highs on the NDX but not following through on the SPX, and then bounced back and forth in a consolidated fashion into the close, ending positive on the day.

Net on the day, the Dow was up 25.01 at 11,117.06, the S&P 500 up 9.65 at 1207.17, and the Nasdaq 100 up 10.07 at 2023.60.

Advance-declines were about 5 to 1 positive on the New York Stock Exchange and a little more than 3 to 1 positive on Nasdaq. The up-down volume was quite strong as well.

TheTechTrader.com board was mostly higher. Among the point-plus gainers, American International Group (AIG) advanced 2.54 to 41.63, China Agritech (CAGC) 2.45 to 19.80. Las Vegas Sands Corp. (LVS) 1.28 to 24.05, and Array BioPharma, Inc. (ARRY), a low-priced biotech stock, 1.00 at 4.02.

Other stocks of note: Delcath Systems (DCTH) added 71 cents to 10.60, Somaxon Pharmaceuticals (SOMX) snapped back 77 cents to 7.69.

Other stocks of note were China Automotive (CAAS) at 21.63 up 81 cents, Brigham Exploration (BEXP) 77 cents higher at 18.27, Acme Packet, Inc. (APKT) at 19.94 up 56 cents, China Information Security Technology, Inc. (CPBY) at 6.76 up 59 cents, Clean Energy Fuels (CLNE) at 19.52 up 58 cents, and Gulfport Energy (GPOR) at 13.62 up 59 cents.

JAZZ Pharmaceuticals (JAZZ) gained 53 cents to 10.34, and Northern Oil and Gas, Inc. (NOG) 64 cents at 17.24 in a strong junior oil group. RINO International (RINO) jumped 53 cents to 19.52, Pixelworks Inc. (PXLW) 51 cents to 5.45, Origin Agritech (SEED) 44 cents to 9.75, and TiVo Inc. (TIVO) 63 cents to 17.89.

On the downside, there were no point-plus losers, just small fractional losses on some of the ultra-short ETFs, which, of course, were down a bit.

Stepping back and reviewing the hourly chart patterns, the indices were up sharply at the opening, backed off quite sharply but held, and then rallied into midday before consolidating the rest of the day, but still a very positive showing after the recent drop, as the indices continued to show their resiliency.

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