The markets were mixed and deceptively divergent today.  The day started out with some back-and-forth action, then a mid-morning pullback that tested support successfully.  From there they ran straight higher to new rally highs for the NDX.  The S&P 500, however, failed to take out yesterday's highs and confirm the Nasdaq highs.  As a result they pulled back in the last hour or so.

Net on the day, indices were mixed.  The Dow was down 23 and  the S&P 500 down 2 1/2, but the Nasdaq 100 was up 6 1/2.  That was mainly due to the SOX Index being up about 6 2/3 points today, saving the Nasdaq from accompanying the blue chips into the red today.

The technicals were decidedly negative by 3 to 2 on New York and about 100 issues on Nasdaq.  It's interesting that there were more decliners than advancers on an up-day for Nasdaq, and that divergence may spell trouble.  However, the up/down volume on Nasdaq was positive by just under 2 to 1 with more than 2.1 billion traded.  New York traded a little less than 1 2/3 billion with a slightly negative plurality on up/down volume.

TheTechTrader.com board was mostly narrowly mixed, with some outstanding issues on the plus side.  Dynamic Materials Corp. (BOOM) ran to a new all-time high just under 40, closing at 39.42, up 2.26 today on nearly 1.2 million traded.  Energy Conversion Devices (ENER) advanced 1.09 on nearly 1 million.  Those were the only point-plus gainers on my board.

Other gainers of note, portfolio position LMI Aerospace (LMIA) was up 78 cents, Smith Micro (SMSI) 58 cents, and Sierra Wireless (SWIR) snapping back 71 cents.

Stocks that gave some back today included Novavax (NVAX) down 67 cents, Viisage (VISG) 39 cents, Stereotaxis (STXS) 31 cents, Sify Ltd. (SIFY) 33 cents and Nitches (NICH) 30 cents.

Stepping back and reviewing the hourly chart patterns, the indices thrust higher today on Nasdaq but despite the afternoon rally failed to get back into the plus column and stay there on the blue chips. 

So we'll have to see what shakes out tomorrow, but it could be an important session for the indices.

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.