The markets ended at the highs for the day going away.  But they did start out with a little weakness in the morning that immediately held initial support, and then they had a very strong surge that took out the 3-day declining tops lines on the Nasdaq and lateral price resistance on the S&P 500.  When that occurred a short-covering fueled rally took place, and the market took off on a strong 5-wave rally, which was only interrupted by a lunch-hour consolidation.  But other than that the markets were pretty strong all session.

Net on the day, the Dow was up more then 123, the S&P 500 more than 16, and Nasdaq 100 nearly 41.  The Philadelphia Semiconductor Index (SOXX) advanced almost 2 percent, or more than 8 Ã,½ points.

The technicals were 26 to 7 positive on advance-declines on New York and nearly 22 to 8 Ã,½ on Nasdaq.  Up/down volume was a little less than 5 to 1 positive on New York with 1.85 billion traded.  Nasdaq traded more than 2.2 billion, with a 4 Ã,½ to 1 positive ratio on volume.

TheTechTrader.com board was mostly higher, led today by low-priced ANGN, which exploded for 2 Ã,¼ on 2 million shares and ended up being Nasdaqââ,¬â"¢s percentage gainer today, up more than 35% on the session.

Energy Conversion Devices (ENER) on an upgrade was up 2.22 on 1.6 million.  DXP Enterprises (DXPE) snapped back 1.18.  Low-priced China Development (CTDC) closed up 1.11, although that was about 70 cents off the earlier high.  That traded 4 million shares today.

Other stocks of note, Akamai (AKAM) hit a new 6-year high, closing right at it, up 82 cents, just short of 52.  Apple Computer (AAPL) gained 1.30.  The Qs were up nearly 1 point today.  I-Flow (IFLO), a stock weââ,¬â"¢ve been watching recently, was up 79 cents.  All Scripts Healthcare (MDRX) was up 69 cents.  OSI, also a new one weââ,¬â"¢re watching, advanced to a multi-week high, up 56 cents.

SIMG advanced 48 cents and Vertex Pharmaceuticals (VRTX) 89 cents.

On the downside, Broadcom (BRCM) was down most of the session, off 42 cents.  But the loss leader on my board was Acorda Therapeutics (ACOR).  Although it advanced to as high as 12 Ã,½ this morning, it reversed sharply by 2 points, closing down 1 on the day on nearly 13 million shares.

Stepping back and reviewing the hourly chart patterns, the indices blew through everything today, with the Dow making new all-time highs, the S&P making 5 Ã,½-year highs, and the NDX 5-month highs. 

What else can be said other than the strong trend continues underway. 

However, the S&P closed just above the top of the rising 2-month intermediate up-channel, with the NDX closing near its rising tops line as well, and there may be some pullback in the indices shortly.  But momentum is still very strong to the upside.

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.