The markets moved ahead again for the sixth consecutive day in a row.  Nasdaq, in particular, has now from the April 29 low under 1400 advanced to 1540, a more than 140-point rally.  Only a late pullback at the end of the day today prevented the indices from closing at the highs for the day.

The indices started out the day with a move up to new highs.  They backed off rather quickly in the morning but held support.  During the mid-day they moved steadily higher.  They broke out mid-afternoon, went to new rally highs and then backed off in the last hour.

Net on the day the Dow was up 51 and change, the S&P 500 ahead by 4 1/2, the Nasdaq 100 up more than 7 and the SOX Index down 1.37, which put a drag on Nasdaq today.

The technicals were much stronger on New York than Nasdaq, with advance-declines 21 to 11 positive on New York but only 16 to 13 on Nasdaq.

TheTechTrader.com board was rather narrowly mixed, except for a few stocks.  Dynamic Materials (BOOM) was unbelievable today and exploded for 6 1/4  points on more than 5 1/3 million shares traded today, closing near the highs for the day in a very impressive performance. 

Other stocks of note, Escalon Medical (ESMC) was up 81 cents and Nvidia (NVDA) up 61 cents, but other than that most stocks were only fractionally higher.

On the downside, again mostly fractional losses.  Air T (AIRT), though, gave back 74 cents.   Align Technology (ALGN) on a downgrade was down 60 cents, and Evergreen Solar (ESLR) gave back 62 cents in the alternative energy sector, along with Energy Conversion Devices (ENER) down 29 cents.  Parlux Fragrances (PARL) was off 55 cents, as was Vertex Pharmaceuticals (VRTX).

Stepping back and reviewing the overall patterns, the indices forged ahead and took out key resistance over the last couple days and extended the move today.  But I was not thrilled with the total volume and overall action today, and I think we're very long in the tooth on this rally, and way overdue for a pullback, which I suspect began at the end of the day today and may move over into tomorrow morning.

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.