The stock market indices had a spectacular rally early in the morning after a brief, sharp dip, and came way off the lows. The Nasdaq 100 jumped from 2082 to nearly 2170, or 88 points, in about three hours, which was terrific. The S&P 500 at that point rallied from 1136 to about 1181, which was also a big move. They got a 3-wave corrective rally in the afternoon that did hold secondary support, bounced, and took back more than half of the losses of that late dip, and closed with a spectacular gain.

Net on the day, the Dow was up 134.72 at 11,284.54, 5 points off its high. The S&P 500 was up 17.53 at 1176.80, 5 points off its high. The Nasdaq 100 was up 53.76 at 2161.97, 2 points off its high.

Advance-declines were more than 5 to 1 positive on the New York Stock Exchange, and 4 to 1 positive on Nasdaq. Up/down volume was more than 9 to 1 positive on New York, with a total volume of 2 billion shares traded. Nasdaq traded 1.8 billion shares and had about an 8 to 1 positive volume ratio.

So, it was a very strong day technically.

TheTechTrader.com board, as a result, was up big. Leading the way, Apple Inc. (AAPL) jumped 9.86 to 383.58, First Solar, Inc. (FSLR) 4.22 to 100.71, InterDigital, Inc. (IDCC) 2.94 to 69.06, and MICROS Systems, Inc. (MCRS), a stock we traded, 4.93 to 45.95. Universal Display Corp. (PANL) gained 4.98 to 51.71, VirnetX Holding Corp (VHC) 1.34 to 21.84, MAKO Surgical Corp. (MAKO) 1.62 to 32.42, LSB Industries Inc. (LXU) 1.54 to 35.58, Molycorp, Inc. (MCP) 2.31 to 52.98, Goldman Sachs (GS) 1.91 to 111.75, International Business Machines Corp. (IBM) 3.56 to 169.14, and Brigham Exploration Co. (BEXP) 1.12 to 27.65.

Aruba Networks, Inc. (ARUN) was the big one today, up 3.41 to 20.55. In addition, Pandora Media, Inc. Common Stoc (P) advanced 94 cents to 13.41, Krispy Kreme Doughnuts, Inc. (KKD) 73 cents to 8.57, and Tiffany & Co. (TIF) 5.90 to 69.01, a big winner as well.

On the downside, the ultra-short ETFs got hammered. The Direxion Daily Small Cap Bear 3X Shares (TZA) was down 3.50 to 47.59, Direxion Daily Financial Bear 3X Shares (FAZ) 2.12 to 59.16, VelocityShares Daily 2x VIX ST ETN (TVIX) 1.84 to 55.54, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) 2.28 to 43.25.

Stepping back and reviewing the hourly chart patterns, after a brief 3-wave corrective dip that completed a 5-wave move over the last 3 sessions, the indices exploded, and did so in a very sharp move, only to pullback a little bit later in the session, but in the last 20-30 minutes they snapped back again to recapture most of the gains for the day.

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