The stock market indices closed the week on a very strong note. Basically, they were up for most of the day and closed near the highs for the day and the week going away. As a matter of fact, the S&P 500 and the Nasdaq Composite closed at not only the yearly highs but three-year highs on the Nasdaq Composite.

Net on the day, the Dow was up 40.26 at 11,410.32, the S&P 500 up 7.40 at 1240.40, and the Nasdaq 100 up 13.77 at 2215.34.

Advance-declines were nearly 2 to 1 positive on the New York Stock Exchange and better than that on Nasdaq. Up/down volume was 3 1/2 to 1 positive on New York with total volume just under 1 billion. Nasdaq had about a 13 to 3 positive ratio and total volume was about 1.2 billion.

TheTechTrader.com board was mostly higher, with some outstanding issues today. Leading the way was recent swing trade and short-term trade pick IDT Corporation (IDT), which jumped 5.88 to 28.81, a three-year high. SuperMedia Inc. (SPMD) jumped another 1.78 to 9.03, also a recent swing trade pick. Dice Holdings, Inc. (DHX) was up 1.71 to 13.33, and Local.com Corp. (LOCM) shot up 1.04 to 6.01 today, more than a 20% gain.

Other gainers of note included OmniVision Technologies Inc. (OVTI), a recent swing trade pick of ours, up 1.65 to 32.63. Acme Packet, Inc. (APKT) was up another 2.83 to 56.42. Cree Inc. (CREE) jumped 1.45 to 72.05, Coinstar Inc. (CSTR) up 2.02 to 66.62, and Rosetta Resources, Inc. (ROSE) 1.33 to 36.32.

In addition, Delcath Systems Inc. (DCTH) jumped 59 cents to 11.27, Cost Plus Inc. (CPWM) 82 cents to 10.30, and Cyberonics Inc. (CYBX) 93 cents to 29.30. Jazz Pharmaceuticals, Inc. (JAZZ) snapped back 53 cents to 18.95. Northern Oil and Gas, Inc. (NOG) was up 61 cents to 24.97, and Brigham Exploration Co. (BEXP) 55 cents to 26.84.

On the downside, point-plus losers included Motricity, Inc. (MOTR) down 1.39 to 23.55. Polypore International Inc. (PPO) gave back 2.31 to 42.22, and SodaStream International Ltd. (SODA) lost 1.53 to 32.50.

Stepping back and reviewing the hourly chart patterns, the indices were up early, backed off to retest, and when those held spent the rest of the day moving higher at a 45 degree angle, a solid trend.

A very strong week for the indices in closing at the weekly highs. Not a bad way to finish the week.

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