The stock market indices had another up day today, but it didn’t look like it with two hours to go, as the indices were at their session lows. They then snapped back over the last two hours to close positive on the session.

The day started out with a gap up, reaching new highs on the Nasdaq 100 at 2296. The S&P 500 at that point reached near 1277, which is not a new high. They then backed and filled in a trading range on the NDX and consolidated at a higher level on the SPX.

By midday a sharp, sudden hit in a 10-minute span knocked the indices down sharply. They did bounce, but then rolled over hard to the session lows around 2280 on the NDX and 1270 SPX with about two hours to go. However, they managed to snapback the rest of the session in a 5-wave advance to close up on the day.

Net on the day, the Dow was up 34.43 at 11,671.88, the S&P 500 up 4.73 at 1274.48, and the Nasdaq 100 up 4.35 at 2288.73.

Advance-declines were about 3 to 2 positive on New York and 16 to 9 positive on Nasdaq. Up/down volume about 2 to 1 positive on New York with total volume of 930 million. Nasdaq traded just under 1.9, billion shares and had about an 11 to 8 positive ratio.

TheTechTrader.com board was mixed, but there were quite a few gainers on our board today as well. Leading the way today was Stryker Corp. (SYK), up 3.30 to 58.00. Apollo Group Inc. (APOL) also jumped 4.79 to 40.67. But by far the leader today was Interactive Intelligence, Inc. (ININ), which exploded for 7.09 to close at 36.50.

Among other gainers of note, Amtech Systems Inc. (ASYS) jumped 2.42 to 28.15, and Travelzoo Inc. (TZOO) 1.87 to 47.08, reaching over 48.00 at one point. STEC Inc. (STEC), one of our swing trade picks, was up 1.18 to 21.45, and TPC Group Inc (TPCG), one of our Top 25 stocks, up 1.00 to 32.00.

In addition, Clean Diesel Technologies Inc. (CDTI) rose 1.21 to 10.35, Fuwei Films (Holdings) Co., Ltd. (FFHL) 1.05 to 4.30, Harbin Electric, Inc. (HRBN) 1.52 to 18.99, ARM Holdings PLC (ARMH) 77 cents to 23.44, American International Group, Inc. (AIG) 1.64 to 59.03, and Ocz Technology Group Inc. (OCZ), a big percentage gain of 19%, up 1.08 to 6.79.

IntelliPharmaCeutics International Inc. (IPCI) gained 1.08 to 4.00, up 37% today, although the very big percentage gainer today was Evergreen Energy, Inc. (EEE), up 79 cents to 2.48, a 45% move.

Further, General Moly, Inc. (GMO) was up 56 cents to 6.51, Delcath Systems Inc. (DCTH) 56 cents to 9.74, Alliance Fiber Optic Products Inc. (AFOP) 44 cents to 18.10, MBIA Inc. (MBI) 1.24 to 13. 54, Research Frontiers Inc. (REFR) 54 cents to 6.64, Brigham Exploration Co. (BEXP) 57 cents to 27.92, and Amarin Corporation plc (AMRN) 53 cents to 9.34.

Those were the gainers on our board today.

On the downside there were just a couple point-plus losers today. The iPath S&P 500 VIX Short-Term Futures ETN (VXX) lost 1.06 to 34.94. Coinstar Inc. (CSTR), a Boxer Short, dropped 1.01 to 55.58. Chipotle Mexican Grill, Inc. (CMG), also a Boxer Short, fell 2.88 to 220.79, and Ceradyne Inc. (CRDN) gave back 2.03 to 34.76. Molycorp, Inc. (MCP), in a weak rare earth sector today, was down 1.37 to 53.24.

Stepping back and reviewing the hourly chart patterns, the indices were up early, backed off and consolidated, then rolled over hard by mid-afternoon only to come back again in the last couple hours in a 5-wave advance to close positive on the session once again.

The indices passed another test as today’s lows were right near support, but they held. We’ll have to see what happens the next couple days.

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