The stock market indices had another stellar follow-through session today as support continued to hold all day long. They opened slightly positive and backed off immediately to test support. That held, and then rallied sharply higher, pulled back midmorning, and rallied again to new highs, which was tested in the afternoon. That midmorning pullback held, and that caused the market to bounce to new highs on three occasions. They couldn’t get through, but finally in the last half hour they exploded and closed at the highs for the day going away.

Net on the day, the Dow was up 183.38 at 11,123.33, the S&P 500 up 20.94 at 1264.97, and the Nasdaq 100 up 35.22 at 2217.99.

Advance-declines were almost 4 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was more than 15 to 1 positive on New York, with total volume of more than 1 billion shares traded up and only 53 million down. Nasdaq traded 2 billion shares to the upside and 248 million to the downside, and had an 8 to 1 positive volume ratio.

TheTechTrader.com board was mostly higher with several multiple-point gainers. They included First Solar, Inc. (FSLR) up 3.86 to 64.73, International Business Machines Corp. (IBM) up 4.84 to 181.69, Goldman Sachs (GS) 3.64 to 97.93, Molycorp, Inc. (MCP) 4.19 to 36.45, Netflix, Inc. (NFLX) 3.48 to 123.24, SodaStream International Ltd. (SODA) 2.95 to 35.78, Youku.com Inc (YOKU) 2.70, Universal Display Corp. (PANL) 1.38 to 46.73, Questcor Pharmaceuticals, Inc. (QCOR) 1.94 to 31.27, MAKO Surgical Corp. (MAKO) 2.16 to 37.09, and Golar LNG Ltd. (GLNG) 1.47 to 31.70.

In addition, the Direxion Daily Small Cap Bull 3X Shares (TNA) was up 2.27 to 36.74.

There were only a few fractional losers other than InterDigital, Inc. (IDCC), which had a difficult session, down 1.11 to 48.65.

The ultra-shorts got hammered again today. The VelocityShares Daily 2x VIX ST ETN (TVIX) was down 2.41 to 75.60, the Direxion Daily Small Cap Bear 3X Shares (TZA) 3.31 to 44.25, the Direxion Daily Financial Bear 3X Shares (FAZ) 5.93 to 58.35, and the Direxion Daily Large Cap Bear 3X Shares (BGZ) 2.48 to 41.89.

The ProShares UltraShort DJ-UBS Crude Oil (SCO) was down 4.57 to 58.42, the ProShares UltraShort Silver (ZSL) dropped 1.90 to 13.99, and the ProShares UltraShort Gold (GLL) gave back 28 cents to 18.50.

Stepping back and reviewing the hourly chart patterns, the indices rallied sharply after an early morning dip to new rally highs, taking the NDX up to 2213 in the morning, pulling back to the morning low at 2191 midday, but closing at nearly 2218. The S&P 500, which dipped to 1135, rallied up to 1160, and pulled back to 1152, held support, and rallied to close at 1165.

It was a very strong follow-through day today. The S&P 500 and the NDX closed slightly above the declining topsline. There is resistance up in this zone, so we’ll see if they follow through tomorrow, but they are overbought short-term.

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