The stock market indices ended the week on a positive note, and set new 2011 highs and 2-year highs on the Dow, the S&P 500, and the Nasdaq 100, but technicals were flat to negative for the most part and are signaling that the indices are getting long in the tooth and tired here. They could be setting up for a negative reversal next week, but we’ll have to wait and see what we get.

The day started out with a move down, then back up, then back down again, setting new intraday pullback lows on the S&P 500, but when the NDX didn’t confirm they rallied smartly and sharply in a 5-wave advance for the rest of the session.

Net on the day, the Dow was up 29.89 at 12,092.15, the S&P 500 up 3.77 at 1310.87, and the Nasdaq 100 up 15.13 at 2338.20.

Advance-declines were negative by 19 issues on the New York Stock Exchange. Up/down volume was just barely ahead with total volume of just 900 million shares. Very quiet today. Nasdaq, however, was pretty busy with 1.95 billion shares traded, and better than a 2 to 1 positive ratio on up volume over down volume, but decliners led advancers by about 80 issues.

TheTechTrader.com board was mostly higher. There were quite a few multiple-point issues today. Aetna Inc. (AET) was up 4.17 to 37.44, Finisar Corp. (FNSR) 4.54 to 38.97, JDS Uniphase Corporation (JDSU) 4.83 to 22.76, FEI Co. (FEIC) 4.42 to 32.23, Sirona Dental Systems Inc. (SIRO) 4.72 to 49.88, Power Integrations Inc. (POWI) 6.19 to 43.60, Ciena (CIEN) 3.36 to 26.91, ESCO Technologies Inc. (ESE) 3.55 to 40.51, Shutterfly, Inc. (SFLY) 2.04 to 42.59, Knoll Inc. (KNL) 2.84 to 19.85, and Acme Packet, Inc. (APKT) 3.39 to 69.94.

Other gainers of note included Silicon Image Inc. (SIMG) up 1.20 to 8.92, Aviat Networks, Inc. (AVNW) 1.01 to 6.23, RealD Inc. (RLD) 2.01 to 26.54, NCR Corp. (NCR) 1.22 to 18.31, Harmonic Inc. (HLIT) 1.24 to 9.84, TravelCenters of America (TA) 70 cents to 12.05, Zoltek Companies Inc. (ZOLT) 2.66 to 14.31, Avid Technology Inc. (AVID) 1.75 to 19.08, Repros Therapeutics Inc. (RPRX) 78 cents to 3.36, Codexis, Inc. (CDXS) 1.55 to 10.70, and Ixia (XXIA) 2.09 to 18.50.

In addition, Chipotle Mexican Grill, Inc. (CMG) gained 7.09 to 246.31, China MediaExpress Holdings, Inc. (CCME) 2.80 to 13.89, Amazon.com Inc. (AMZN) 2.22 to 175.93, Apple Inc. (AAPL) 3.06 to 346.50, and Lululemon Athletica Inc. (LULU) another 4.95 to 76.96, with Travelzoo Inc. (TZOO) snapping back 1.53 to 45.12.

On the downside, Coinstar Inc. (CSTR) got smacked for 5.28 and closed at 38.96. That was the only point-plus loser on our board today.

Stepping back and reviewing the hourly chart patterns, the indices moved back and forth in the morning, stabilized by midday, and then rallied in the afternoon to close at new 2-year highs on the SPX, Dow, and NDX.

A very impressive performance this week, coming back from a sharp mid-week dip to continue the bull run.

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