The markets had a continuation of yesterday's late up-move, and ended up positive on the day, particularly in the semiconductor group and the Nasdaq tech sector.  Strong earnings after the close yesterday brought that group up sharply higher.  The SOX was up almost 16 points today, and Nasdaq as a result had a solid session. 

The day started out with a gap up.  They pulled back mid-morning, tested support successfully, and then had a pretty strong move from about 11 o'clock into mid-afternoon when they hit their session highs.

Over the last 90 minutes of so they pulled back and retested support.

Net on the day, the Dow was up nearly 26, the S&P 500 7, the Nasdaq 100 up 13.30, and the SOX, as indicated, up nearly 16.

The technicals were strong.  Advance-declines were 2450 to 980 on New York and 2090 to 940 on Nasdaq.  Volume was very heavy.  Nasdaq traded about 2 1/3 billion today, with a more than 2 to 1 positive plurality. New York was even better on the ratio.  Total volume was about 1 3/4 billion with about a 2 1/2 to 1 positive ratio.

TheTechTrader.com board was mostly higher.  There were a few exceptions.  Leading the way was Astea International (ATEA), up 2.28 today.  That position was eliminated from our model portfolio as it hit our trading target.

Dynamic Materials Corp. (BOOM) advanced 1.43, near its all-time high.  Neoware Systems (NWRE) was up 77 cents, snapping back from yesterday's losses.  Phazar (ANTP), one of our Charts of the Week this week, was up 64 cents, but well off its earlier high when it was up more than $2. 

Advanced Micro Devices (AMD) jumped 3 Ã,¾ on a strong earning's report and was a big reason for the SOX Index jumping like it did.  Broadcom (BRCM) also advanced 1.88.

The SMH was up 93 cents and the Qs up 31 cents.

The alternative energy group was positive except for Energy Conversion Devices (ENER), which gave back 1.73, but understandable as it's had a huge run recently.  DayStar Technologies (DSTI) advanced 59 cents, and Evergreen Solar (ESLR) 60 cents to multi-year highs.

Other stocks of note, Internet Initiative Japan (IIJI) snapped back 41 cents, NeoMagic (NMGC) 31 cents, Nuance Communications (NUAN) 56 cents and Smith Micro (SMSI) 44 cents.

On the downside, in addition to ENER, BioCryst Pharmaceuticals (BCRX) gave back 68 cents, PW Eagle (PWEI) 55 cents and Viisage (VISG) 50 cents.  Atherogenics Inc. (AGIX) lost 75 cents.

Stepping back and reviewing the hourly chart patterns, the S&P had a bit of a better day today, moving back over price and moving average resistance at 1284.  It moved back towards that level at the end of the day and tested it successfully.

The NDX, however, was not able to get back up through the 1739-40 4-day resistance zone, and backed off at the close, although it did hold support as well.

It's going to be interesting to see if the market can carry forth from here and extend the snapback -- whether this was nothing more than a pullback in an ongoing uptrend or whether the retest is unsuccessful and rolls over, taking out the lows and extending the decline.

That's what we'll be watching to see tomorrow, options expiration day.

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.