The markets had an important test early on when they dropped right from the get-go and tested the weekââ,¬â"¢s lows on the Nasdaq 100.  They took them out on the S&P 500, but didnââ,¬â"¢t get that confirmation from the NDX.  The result was a five-wave move back up which took all session, and the indices closed not far off the highs for the day.

The Dow was up 48, the S&P 500 a little less than 6, and the Nasdaq 100 more than 10 Ã,½.  The Philadelphia Semiconductor Index (SOXX) was partially responsible, up more than 6 today.

The technicals were positive by 3 to 2 on advance-declines on New York and on Nasdaq, up/down volume was similar amount, 3 to 2 positive.  Total volume on New York was more than 1 Ã,½ billion and Nasdaq traded about 1 2/3 billion.

TheTechTrader.com board was mixed, with point-plus gainers and losers.  On the plus side, Garmin (GRMN) gained 1.54 and All Scripts Healthcare (MDRX), a recent addition to our portfolio, was up 1.30 today.

Other stocks of note, PW Eagle (PWEI) was up 95 cents, NVE Corp. (NVEC)  came back 89 cents, and Medifast (MED) up 78 cents today.

On the downside, the GLD gold tracking index dropped 1.38, with gold dropping $15 an ounce today.   Hansen Natural Corp. (HANS) dropped another 1.19 today, and DXP Enterprises (DXPE) was off 89 cents.

Stepping back and reviewing the hourly chart patterns, the indices bounced off key support this morning, particularly on the Nasdaq 100 where 1477-78 has held the index for the last couple weeks.  The S&P 500 held right near support around the 1260-62 zone, reaching as low as 1261.30 today.

The ensuing five-wave rally looked to be more corrective and may result in further downside, but right now  today was a successful test of support, although resistance hasnââ,¬â"¢t been taken out either.  It remains to be seen which way theyââ,¬â"¢ll go.

TheTechTrader.com is closed tomorrow, so weââ,¬â"¢ll see you on 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.