The stock market indices really hung on well today and held support on three or four different tests at 2180 on the Nasdaq 100 and 1220 on the S&P 500. The day started with a move up and then a back off, but they came on again. The NDX was not confirming the new highs on the SPX, which was a concern. However, as noted, they held support on the downturns and in the last 15 minutes popped to close positive on the session on the Dow and the SPX, although the NDX failed to get into the plus column.

Net on the day, the Dow was up 9.24 at 11,444.08. The S&P 500 was up 4.79 at 1225.85, and Nasdaq 100 only off 1.09 at 2186.71, about 7 points off the low.

Technicals were positive by a little less than 3 to 2 on the advance-declines on the New York Stock Exchange, and just by 300 issues on Nasdaq. Up/down volume, however, was better than 2 to 1 positive on New York on total volume of about 1 1/4 billion. Nasdaq traded 1.9 billion and had about an 11 to 8 positive ratio.

TheTechTrader.com board was mostly higher with some big movers today. Massey Energy Co. (MEE) on some merger rumors was up 4.73 to 46.94. Rosetta Resources, Inc. (ROSE) popped and ran all day, up 3.79 to 29.20. Asia Entertainment & Resources Ltd. (AERL) jumped 2.12 to 10.19, Motricity, Inc. (MOTR) 1.96 to 27.90, Atmel Corporation (ATML) 1.35 to 10.28, and Jazz Pharmaceuticals, Inc. (JAZZ) 1.88 to 14.28.

Other stocks of note were Lululemon Athletica Inc. (LULU) up 3.10 to 48.10. Low-priced Somaxon Pharmaceuticals, Inc. (SOMX) advanced 61 cents, or 24%, to 3.20. TransGlobe Energy Corp. (TGA), a junior oil, was up 1.81 to 14.63, and Universal Electronics Inc. (UEIC) had a huge day, up 6.69 to 27.93.

The big gainer today, by 40%, was Telular Corp. (WRLS) up 1.64 to 5.69.

In addition, Polypore International Inc. (PPO) jumped 2.11 to 34.85. Isilon Systems, Inc. (ISLN) snapped back 1.88 to 27.95. Goldman Sachs (GS) rose 4.68 to 171.07 and closed just a few pennies off the high for the day, and Amazon.com Inc. (AMZN) was ahead by 1.84 to 170.77.

On the downside, the only two point-plus losers on our board were Apple Inc. (AAPL), down 1.14 to 317.13, which did not participate today, and JinkoSolar Holding Co., Ltd. (JKS) down 1.53 to 35.99.

This was a very strong kind of consolidation session with a nice close for the indices, but certainly signs that there are some negative divergences in here. However, the last couple days do appear to be consolidation patterns, possibly for more upside next week. We’ll have to see where they go. The trend is your friend and the trend is still up and has not reversed yet.

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