The stock market indices had a snapback rally. After reaching new pullback lows and testing key support near 1760 on the Nasdaq 100 and 1040 on the S&P 500, they bounced back in the morning, consolidated mid-day, and then extended the rally in the afternoon, reaching just under 1800 on the NDX before a late pullback closed it near 1791. The SPX reached near resistance at around 1060, reaching 1059.38, and then backed off to near 1055 at the close.

Net on the day it was a positive session, with the Dow up 19.61 to 10,060.06, the S&P 500 3.46 at 1055.33, and the Nasdaq 100 up 15.61 at 1790.88.

Advance declines were about 3 to 2 positive on New York, as was up/down volume on total volume of about 1.08 billion. Advance-declines on Nasdaq was less than 2 to 1 positive, but up/down volume was better than 3 to 1 positive on total volume of just over 2 billion shares.

The TechTrader.com board was mixed, with several solid gainers. Google (GOOG) was up 3.23 to 454.62, OmniVision (OVTI) 1.54 to 22.21, Amazon (AMZN) 2.32 to 126.85, and Apple (AAPL) up 2.96 to 242.89.

Cirrus Logic (CRUS) advanced 88 cents to 16.43, Dendreon (DNDN) 1.03 to 37 1/4, and Somaxon Pharmaceuticals (SOMX) 97 cents to 4.34 on huge volume.

Other gainers of note, Westport Innovations (WPRT) was up 64 cents to 16.77, Tesla (TSLA) 70 cents to 19.90, RINO International (RINO) 49 cents to 15.83, and Acme Packet (APKT) 39 cents to 32.20.

In addition, Acacia Research (ACTG) gained 31 cents to 15.93, and the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) ultrashort was up 79 cents to 39.08.

On the downside, China Agritech (CAGC) was down 1.10 to 15.78 and the Direxion Daily Small Cap Bear 3X Shares (TZA) ultrashort down 1.75 to 38.24. Those were the only point-plus losers on our board.

Transocean (RIG) lost 98 cents to 51.42, and Isilon (ISLN) down 72 cents to 19.52, and China Automotive (CAAS) down 80 cents at 14.13.

Stepping back and reviewing the hourly chart patterns, they were down sharply at the opening, tested key support and held. That triggered a 3-wave rally for the rest of the session, which closed not far off the session highs and positive on the session. But they were still below the declining moving averages on the hourly charts, and we'll have to see if that is nothing more than just a technical move and snapback or if we can extend this tomorrow.

But right now it appears they may still move lower.

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