The indices had a very good session to start the week and a strong follow-up day to the recent rally, particularly on Nasdaq, although S&P did participate today.  The day started out with some backing and filling on Nasdaq, but moved up on the S&P.  Then they reached the morning peak at around 11 o'clock, went sideways for several hours with a slightly rising trend, holding intraday rising moving averages.  In the afternoon they spurted until the last hour or so, and then meandered sideways into the close.

The Dow was up 112, the S&P 11.64, the Nasdaq 100 more than 10, and the Composite around 17 2/3, with the SOX up a little less than 3 points.

The technicals were solid by 23 to 9 1/2 on new York and 3 to 2 positive on Nasdaq.  Up/down volume was a little more than 2 1/2 to 1 positive on New York on total volume of a little more than 1.4 billion.  Nasdaq was a little more than 1.4 billion as well, but about a 2 1/2 to 1 positive ratio.

TheTechTrader.com board was mixed.  There were some outstanding issues today, particularly Forward Industries (FORD), one of our recent Charts of the Week &  Watchboard positions. It exploded to a new all-time high, up 2.32 on 2.2 million. 

Stamps.com (STMP) was up 1.22, JAMDAT Mobile (JMDT) up 71 cents, and Digital Insight (DGIN), one this week's Charts of the Week, was up 3/4.  Arris Group (ARRS) was up 37 cents, and Netflix (NFLX) up 57 cents.

On the downside, Dynamic Materials (BOOM) gave back another 68 cents, but most other stocks were just fractionally mixed.

Stepping back and reviewing the overall patterns, Nasdaq  moved ahead, tested last week's highs, and closed just slightly above them right at the 1480 level, which is resistance.

The S&P snapped back strongly today, playing catch up and closed at over 1165, right at secondary resistance and near the declining tops line and 40 day moving average on the hourly charts.

So we'll see if we can continue the rally, which started off on the right foot this week, although not on tremendous volume.

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.