The markets had a slightly positive day today, led by the semiconductors. 

The day started out with a move down and then a couple moves back and forth in the morning.  By mid-day the markets took off, fed by positive comments from Broadcom (BRCM), which shot up 3.11 today and popped the SOX Index feeding the Nasdaq higher.  However, the S&P 500 and the Dow even had stronger moves at that point, with the Dow getting up to as high as 10,600 before backing off, and the S&P reaching a nominal new rally high.  But in this case the NDX failed to confirm and they sold off again in the afternoon, taking back much of the gains that the rally generated.

Net on the day, the Dow was up just 6 1/2, the S&P just 2 points, and the Nasdaq 100 up less than that, just 1.81. The SOX Index, however, was up 6.36, and closed less than a point off the high.

The technicals were marginally positive, with advance-declines 17 to 15 on New York and 17 to 13 on Nasdaq.  Up/down volume, however, was 3 to 2 positive on New York with just under 1.6 billion traded.  Nasdaq traded more than 1.6 billion with a 9 to 7 positive plurality.

TheTechTrader.com board was mixed but mostly negative today.  On the downside Energy Conversion Devices (ENER) dropped 2.88 after its earnings release.  Rediff.com India (REDF) dropped 2 points on a stock issue, and ViroPharma (VPHM) dropped 1.23.  Those were the point-plus losers.

On the plus side, Internet Initiative Japan (IIJI), one of our Charts of the Week, exploded on some positive news, including a listing on the Tokyo Stock Exchange, and the stock traded more than 10 million shares, up 1.36 today.

Vertex Pharmaceuticals (VRTX), which has been strong lately, advanced another point today on more than 2 1/4 million shares.

Other stocks of note, Dynamic Materials (BOOM) gained a half point, snapping back from yesterday's big loss.  SMSI popped late in the session, closing up 34 cents and marginally above two-week resistance. Intellisync Corp. (SYNC) was up 29 cents on 3 1/4 million.

Broadcom (BRCM), as mentioned before, advanced 3.11 on 21 million shares.

Other stocks of note on the downside, IVAC lost 52 cents, Neoware (NWRE) 63 cents, Sierra Wireless (SWIR) 32 cents, Novavax (NVAX) 43 cents, and Forward Industries (FORD) 36 cents.

So, despite the fact the markets were marginally positive today, TheTechTrader.com board had a rather negative session.

Stepping back and reviewing the hourly chart patterns, the short-term rising channel on the NDX remains intact today despite three severe tests of the rising trendlines.  The SPX came out of its consolidation of the last several days to set a new rally high, but backed off to retest at the end of the session.

So it remains to be seen whether this is a topping phase or a stopping phase before the indices can move higher.

But we're getting long in the tooth and we are due for a steeper pullback or consolidation.

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.