The indices had a very strong session today.  After yesterday's important tests of the key moving averages on the hourly charts turned out to be successful, today the markets started out strong at the opening, moved up all morning, and consolidated nicely for most of the afternoon, moving up in a stair-step manner.  A last-second burst to the upside closed them right near the highs for the session.

On the day the Dow was up 60, the S&P 500 7, the Nasdaq 100 19, and the Composite 19 2/4.  The SOX Semiconductor Index was up about 2 percent, more than 8 points today, and that helped keep Nasdaq firm for most of the session.

The technicals were positive but not very impressively so, with advance-declines a little more than 3 to 2 positive on New York and about 3 to 2 positive on Nasdaq.  Up/down volume was a little more than 2 to 1 positive on New York on total volume of less than 1.5 billion.  Nasdaq traded less than 1.7 billion, but the up/down volume there was a solid 3 1/2 to 1 positive.

TheTechTrader.com board was mixed.  CryptoLogic (CRYP), one of our Charts of the Week Watchboard stocks, was the star of the day.  It rallied sharply and closed up 2.95 to near the highs for the day, on strong volume on some positive news.  Ionatron (IOTN), a new one we've been watching, was up 1.05 today on over 1 million shares.

It was a good day for some of our other Charts of the Week Watchboard stocks.  Energy Conversion Devices (ENER) advanced 68 cents, coming back from a loss earlier in the morning.  World Poker Tour (WPTE) was up 50 cents and Wind River Systems (WIND) up 57 cents.

On the downside, Forward Industries (FORD), which has been strong recently, went to a new all-time high and then backed off by more than a point, closing down 50 cents on a reversal day.   There were no other losses of any special note.

In the larger-cap sector, Broadcom (BRCM) was up 64 cents, Microsoft (MSFT) 43 cents, Intel (INTC) 36 cent, the SMH 56 cents and the QQQQ 44 cents.

Reviewing the overall patterns, the indices pushed the upper envelope of the resistance zones at the close today near the 1498-1500 zone on the NDX as they closed at 1499.70.  On the S&P, which closed at around 1191, heavy resistance at 1190 was taken out nominally.

Despite the fact that the overall patterns look very promising in terms of base patterns, we are at key resistance levels and if the indices can follow through here they'll break the market out and have potential for some additional strong moves.

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.