The markets relentlessly moved higher for most of the session, interrupted by a couple of brief pullbacks, including one near the close.  In all the day was a firm one price-wise, but very unimpressive technically, with underlying advance-declines very narrow.

Net on the day the Dow was up 32, the S&P 500 up 4 1/2, the NDX up 14 1/4, and the SOX a whopping 8.70.  That certainly contributed to Nasdaq's success today.

All indices reached multi-year highs with about an hour to go before pulling back.

Technically, the advance-declines only positive by 240 issue on new York and by less than 70 on Nasdaq. Up/down volume, however, wasn't bad, with a 1.7 billion traded and a 5 to 3 positive ratio on New York.  Very heavy volume was traded on Nasdaq today, with 2.38 billion traded and a positive ratio of a little less than 2 to 1.

TheTechTrader.com board was mixed.  There were some very strong issues today.  One of our favorites of the past year and a pick for 2006, Energy Conversion Devices (ENER), advanced 4.16 today on 2 3/4 million shares to a new all-time high, closing at 48.54.

Rambus (RMBS) continued its surge of the last seven days, at one point up nearly 6 points, closing up 3.89 on 41 million shares.  The stock has more than doubled since the beginning of the year.

Broadcom (BRCM) in the large-cap sector advanced 2.86 to a five-year high.Dynamic Materials Corp. (BOOM) gained 49 cents, Astea International (ATEA) 30 cents, Internet Initiative Japan (IIJI) 49 cents, Neoware Systems (NWRE) 40 cents, Rediff.com India (REDF) 66 cents -- all current portfolio positions advancing today.

On the downside, the leading loser was BioCryst Pharmaceuticals (BCRX), one of our portfolio positions, down 1.26.  PW Eagle (PWEI) was down 42 cents, and Viisage (VISG) was off 57 cents.

Stepping back and reviewing the hourly chart patterns, the advance continued for 2006, but we're seeing negative divergences in RSI and other indicators that are telling me we are very long in the tooth and due for a pullback, which may start as early as tomorrow.

We'll be watching short-term support to see if indices can hold them, and if they finally roll over or whether we have a little more to go before that sell-off begins.

Good trading!

Harry Boxer is a technical consultant to many Wall Street hedge funds and large institutional traders, and author of TheTechTrader.com, a real-time diary of his day, swing and intermediate-term trades. For more of Harry Boxer, sign up for a FREE 15-day trial to his Real-Time Technical Trading Diary, or sign up for a Free 30-Day Trial to his Top Charts of the Week service.