The indices had a topsy-turvy day with a strong opening, a morning sell-off and afternoon rally.  Net on the day, the indices ended on the plus side but not too far from the zero line.

As indicated they had a strong opening, they then got right to resistance on the Nasdaq 100 but failed to follow through and sold off for the rest of the morning, reaching the session lows right around noon, consolidating during lunch hour and then rallying early in the afternoon.  Over the last hour to hour and a half they backed and filled but managed to close firmly.  A late rally put them back into the plus column.

Net on the day, the Dow managed to move ahead by 6 Ã,½ points, the S&P 500 by 3 and the Nasdaq 100 by 4 Ã,¾.  The Philadelphia Semiconductor Index (SOXX) was up a little more than 2.

The techincals were mixed, particularly on the NYSE, where advance-declines were only ahead by only 265 issues.  Up/down volume on New York was slightly negative but nearly flat, on total volume there of 1.2 billion. Nasdaq traded just under 1.4 billion with about a 2 to 1 positive ratio of up vs.down volume, but with only 60 more gainers than losers.

TheTechTrader.com board  was very mixed and narrowly so but there some outstanding issues on both sides. On the plus side, one of our old favorites, low-priced Forward Industries (FORD) had a big percentage jump today, closing at 5.40, up 1.21 on 2 million shares.  Biotech stock Momenta Pharmaceuticals (MNTA) was up 1.21.

Other gainers of note, Creative Technology (CREAF) was up 90 cents, on 2.6 million, but closed about a point off its earlier high on a major settlement with Apple Computer (AAPL).  Neurocrine Bioscience (NBIX) was up 71 cents, Rambus (RMBS) 73 cents, and ViroPharma (VPHM) up 81 cents.

On the downside, Pacific Ethanol (PEIX) gave back 1, Boxer Short Group 1 Automotive (GPI) was down 1.41, PW Eagle (PWEI) off 89 cents and NVE Corp. (NVEC) 74 cents.

Stepping back and reviewing the hourly chart patterns, the Nasdaq 100 made a nominal new pullback low today, which was not confirmed by the S&P and Dow, contributing to the afternoon strength.  Overhead resistance at around the 1557 area on the Nasdaq 100 and the 1297 area on the S&P 500 are immediate short-term resistance.  Thereââ,¬â"¢s additional overhead resistance above that at NDX 1570-72, and S&P 1300-02.  Those are the levels weââ,¬â"¢ll be watching tomorrow.

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.