The stock market indices had a spectacular comeback session today after early losses. The day started out as the indices opened lower, then went down sharply, tested key support, and then bounced. A 5-wave advance ensued as the S&P 500 jumped from 1332 to 1351, pulled back late in the afternoon, but then bounced again at the close.

Net on the day, the Dow was up 65.89 at 12,695.92. The S&P 500 was up 6.57 at 1348.65, 16 points off its low. The Nasdaq 100 was up 14.81 at 2407.89, 35 points off its low. So, it was a big, spectacular comeback today for the indices.

Advance-declines were 19 to 11 positive on the New York Stock Exchange and 17 to 9 positive on Nasdaq. Up/down volume was 5 to 4 positive on New York with total volume of 950 million. Nasdaq traded 2.2 billion shares and had a 4 to 3 positive ratio.

TheTechTrader.com board was up big today. Vermillion, Inc. (VRML) was a big percentage gainer today, up 2.46 to 5.83, or 73%. Quantum Fuel Systems Technologies Worldwide Inc. (QTWW) was up 79 cents to 5.30. Dynavox Inc. (DVOX) had a huge day, up 1.84 to 7.89. Orbotech Ltd. (ORBK) advanced 1.27 to 13.94, Discovery Laboratories Inc. (DSCO) 48 cents to 2.65, Oncothyreon Inc (ONTY) 65 cents to 5.50, low-priced Arotech Corp. (ARTX) 20 cents to 2.30, and Aegean Marine Petroleum Network Inc. (ANW) 40 cents to 8.85.

Among other gainers of note, Amazon.com Inc. (AMZN) jumped 1.69 to 206.07, Calix Inc. (CALX) 1.21 to 22.61, International Business Machines Corp. (IBM) 2.74 to 172.24, KEMET Corp. (KEM) 1.24 to 16.45, Molycorp, Inc. (MCP) 2.50 to 65.16, and Procera Networks, Inc. (PKT), a new swing trade of ours, 1.03 to 12.20. Questcor Pharmaceuticals, Inc. (QCOR) rose 2.50 to 23.00, and Vertex Pharmaceuticals Incorporated (VRTX) 1.76 to 58.01.

There were quite a few large fractional gainers on our board today as well.

On the downside, Goldman Sachs (GS) lost 5.13 to 142.75 in a weak financial sector. IDT Corporation (IDT) gave back 91 cents to 27.88, Ku6 Media Co., Ltd. (KUTV) 43 cents to 5.62, ServiceSource International, In (SREV) 42 cents to 17.64, and Apple Inc. (AAPL) a fractional 66 cents to 346.57.

Stepping back and reviewing the hourly chart patterns, after a gap down and a sharp sell-off early on, the indices very dramatically made a turn-around in a strong 5-wave advance that lasted most of the session. Even though a late pullback brought them off the highs, a last half hour bounce-back closed them not far off the session highs.

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