The indices ended to the plus side today, but just slightly so on the blue chips.  Nasdaq was stronger.  The day started out with a small gap-up.  They quickly sold off and tested support, but held, and then had a very strong morning rally that basically got to the highs for the session within the first hour.  The NDX had a nominal breakout. The S&P failed to get over Wednesday's highs.  At that point they sold off steadily and through the lunch hour.

After lunch, the NDX actually hit a new low for the session at that point.  But, the S&P failed to confirm and over the last three hours or so they rallied slowly but steadily higher and got the indices back into the plus column.

Net on the day, the Dow was up less than 10 points, the S&P  500 up about a point and a quarter, and the Nasdaq 100 up about 9.  That was fueled by the SOX Index, up nearly 5 today.

The technicals were not bad at all today, with advance-declines 3 to 2 positive on New York and nearly 2 to 1 on Nasdaq. Up/down volume was 2 to 1 positive on New York, with less than 1.5 billion traded.  Nasdaq traded 1.9 billion and had about a 2 to 1 positive ratio on up/down volume.

TheTechTrader.com board was mostly higher, with several point-plus gainers.  They were led by Xyratex (XRTX), up 1.60.  Services Acquisition Corp. (SVI) was up 1.33 on heavy volume of about 4.2 million.

Rambus (RMBS) advanced 1.09 to a new high on 3 1/4 million, and Dynamic Materials Corp. (BOOM) had a solid day, up 1.08 on 875,000 shares.

Other stocks of note on the plus side, Endwave (ENWV) was up 60 cents, Fuel Tech (FTEK) up 55 cents, and Nuance Communications (NUAN) 51 cents.  Universal Display (PANL), one of our portfolio positions, was up 62 cents, and PW Eagle (PWEI), another position, was up 70 cents, reaching at one point over 28 to a new all-time high.  Viisage (VISG) gained 48 cents, Stereotaxis (STXS) 33 cents, and Smith Micro (SMSI) 35 cents.  It was at one point over 11 to a new 52-week high as well.

On the downside, Rediff.com India (REDF) continued its recent losing ways, down 60 cents, and also in that group Sify Ltd. (SIFY) lost 25 cents.  Energy Conversion Devices (ENER) gave back 60 cents, but other than that all losses were small fractions on my board.

Stepping back and reviewing the hourly chart patterns, the markets were very volatile and lacked direction over the last couple days.  But the bottom line this week was that support for the week held.  Next week is going to be critical for market direction and we'll see how it goes Monday.

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.