The stock market indices started the week off with a bang and followed through brilliantly on last week’s rally, gapping up from the get-go and exploding early on short covering. They consolidated mid-day, and then ran again hard in the afternoon, as the Nasda 100 had two rallies of more than 20 points during the session and the S&P 500 had two rallies of more than 12 points. Only a last 5-minute pullback prevented them from closing on the highs for the day.

Net of the day, the Dow was up 145.77 at 10,753.62, about 21 points off its high, but still up substantially today. The S&P 500 was up 17.12 at 1142.71, just 2 points off its high. The Nasdaq 100 was up 33.60 at 1989.43, about 3 points off its high.

Advance-declines were a little less than 5 to 1 positive on the New York Stock Exchange and about 4 to 1 positive on Nasdaq. Up/down volume was 12 to 1 positive on New York on light total volume of under 950 millions shares traded today. Nasdaq managed to trade just under 2 billion shares, and had about a 5 to 1 positive ratio on advancing volume over declining volume.

So, it was a strong day price-wise, with technicals confirming.

TheTechTrader.com board, as a result, was substantially higher. Leading the way today was Apple Inc. (AAPL), up 7.86 to 283.23, and Amazon.com Inc. (AMZN), up 2.98 to 151.30.

Other point-plus gainers of note were Allied Nevada Gold Corp. (ANV), one of our Top 25, up 1.38 to 27.44. CommVault Systems, Inc. (CVLT) on continuing take-over rumors was up 1.02 to 28.03. McMoRan Exploration Co. (MMR), which we traded today and is also a recent swing trade pick, advanced 1.39 to 15.96 on heavy volume today. VirnetX Holding Corp (VHC), also a swing trade pick, gained 1.23 to 12.30.

Other point-plus gainers included Hornbeck Offshore Services, Inc. (HOS) up 1.38 to 18.95, NetSuite Inc. (N) up 1.74 to 24.10, and the Direxion Daily Financial Bull 3X Shares (FAS) up 1.24 to 23.38.

Among large fractional gainers, Acme Packet, Inc. (APKT) joined the party, up 89 cents to 38.80. Sourcefire, Inc. (FIRE) jumped 43 cents to 29.86, Finisar Corp. (FNSR) 64 cents to 18.17, Goldman Sachs (GS) 92 cents to 151.90, Mindspeed Technologies Inc. (MSPD) 56 cents to 9.27, Nanometrics Incorporated (NANO) 84 cents to 13.86, and Polypore International Inc. (PPO) 87 cents to 29.76.

In addition, Spreadtrum Communications Inc. (SPRD) had a terrific session, up 93 cents to 13.50.

On the downside, small fractional losers included Cree Inc. (CREE) down 60 cents to 50.60, continuing weak action, and Trina Solar Ltd. (TSL) down 21 cents to 26.60.

The ultra-short ETFs got hammered, with the Direxion Daily Small Cap Bear 3X Shares (TZA) down 2.46 to 27.10, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) down 1.43 to 29.01, and the Direxion Daily Financial Bear 3X Shares (FAZ) 70 cents to 12.42, a new 4-month low.

Stepping back and reviewing the hourly chart patterns, two strong rallies today were interrupted by a mid-session consolidation and ended up yielding a very strong way to start the week, as the indices continue to spike up to what apparently may be an important high in this time frame.

We’ll see going forward, as no indication of a top is in yet. In fact, today’s breakout above key resistance on the S&P 500 above 1130-31 was an important technical session for the bulls.

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