The stock market indices ended the week in spectacular fashion, gapping up big at the opening and never looking back. The indices rallied sharply, reaching a peak around noon, and then backed off in early afternoon to test support. That was successful, and they bounced again, backed off one more time, and then came on into the close, closing at the session highs.

Net of the day, the Dow was up 197.84 at 10,860.26. The S&P 500 advanced 23.84 to 1148.67, just pennies off its high. The Nasdaq 100 closed right at its high, up 41.69 at 2023.84.

Advance-declines were 5 to 1 positive on the New York Stock Exchange, and more than 4 to 1 positive on Nasdaq. Up/down volume was 9 to 1 positive on New York with total volume of just under 1.1 billion shares. Nasdaq had about an 8 to 1 positive ratio, and total volume right at 2 billion shares traded today.

TheTechTrader.com board was nearly all positive with many multiple-point gainers today. Leading the way, Amazon.com Inc. (AMZN) was up 7.88 to 160.73, a new all-time high. Apple Inc. (AAPL) jumped 3.40 to 292.32, and closed about a point off its all-time high. LogMeIn, Inc. (LOGM) was up 3.14 to 36.22, Goldman Sachs (GS) up 2.37 to 147.28, Cree Inc. (CREE) 1.62 to 52.52, Acme Packet, Inc. (APKT) up 1.58 to 38.34, Tibco Software Inc. (TIBX) 2.06 to 18.43, Ebix Inc. (EBIX) 1.36 to 23.00, Trina Solar Ltd. (TSL) 1.01 to 27.68, Valassis Communications Inc. (VCI) 1.95 to 33.96, Cirrus Logic Inc. (CRUS) 1.11 to 16.94, and Brigham Exploration Co. (BEXP) 1.19 to 17.75. The Direxion Daily Financial Bull 3X Shares (FAS) ultra-long financial gained 1.50 to 22.17.

On the downside, the only losing stock on our board was Radware Ltd. (RDWR), down 94 cents to 34.70.

The ultra-short ETFs got hammered. Those losses included Direxion Daily Small Cap Bear 3X Shares (TZA) down 2.90 to 26.71, the Direxion Daily Emrg Mkts Bear 3X Shares (EDZ) down 1.53 to 28.16, and the iPath S&P 500 VIX Short-Term Futures ETN (VXX) down 99 cents to close at 16.63, a new all-time low. In addition, the Direxion Daily Large Cap Bear 3X Shares (BGZ) fell 81 cents to 12.27, and the Direxion Daily Financial Bear 3X Shares (FAZ) also lost 1.07 to 12.90.

Stepping back and reviewing the hourly chart patterns, the indices gapped up sharply at the opening and kept running, pulled back mid-afternoon, but consolidated in a very bullish fashion, closing near the highs for the day and the week going away, not to mention highs for the year. Even though the Nasdaq 100 surpassed 2020, the S&P 500 was unable to get through the earlier week high and still has some breaking out and confirming of the trend to do.

The market is getting long on the tooth, but the momentum is still strong enough to push them higher. We may pay the price for this ultimately, but right now the trend is your friend and the trend is still up.

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