The indices had a very strong start to the week, particularly in the early part of the session.  Despite a lower opening, the markets quickly turned around and exploded, and went vertical in a very strong rally that saw the NDX go from 1702 to 1731 in about 45 minutes.  The S&P 500 went from 1364 to 1375 during that same time, at which point late in the morning the indices consolidated.  Early afternoon they rolled over but held secondary support, bounced late in the session and then consolidated again near the close.

Net on the day the indices had a strong session, particularly on the Dow, which was up 114 1/2 to 12,117.  That was only 8 points off the high.  The S&P 500 advanced nearly 8 Ã,½ to 1377, just pennies off the high.  The Nasdaq 100 advanced 16.35, although that was 7 points off the earlier high.  The Philadelphia Semiconductor Index (SOXX) was up 2.32.  The OEX was up nearly 4 today.

Advance-declines were positive by 3 to 2 on New York, but only by 80 issues on Nasdaq, a very narrow advance there. However, up/down volume was very strong today by 2 to 1 on New York and nearly that on Nasdaq.

Volume on New York was more than 1 Ã,½ billion, and Nasdaq traded 1.8 billion.

Chart of the Week NVE Corp. (NVEC)  exploded on the opening and ran 4 points on 2 Ã,½ million shares.  That was the leading gainer on our TheTechTrader.com board.  U.S. Global Investors (GROW) jumped 2 Ã,½ points on 600,000 shares, closing just off the high.  Apple Computer (AAPL) went to a new 9-month high, closing at 81.46, up 1.51 on 27 Ã,½ million shares.

Among other gainers, Fuel Tech (FTEK) hit a new all-time high today, closing at 19.06, up 68 cents on Ã,¾ million.  Lumera (LMRA), last weekââ,¬â"¢s star, advanced another 61 cents on 12.7 million.  HRT on the American Stock Exchange jumped 1.42 today.

On the downside there were no point-plus losers on my board.  Energy Conversion Devices (ENER), however, backed off 82 cents.  Pacific Ethanol (PEIX) lost 59 cents, Sigma Designs (SIGM) 42 cents, and CMED 39 cents.

Stepping back and reviewing the hourly chart patterns, the S&P went to new 5 Ã,½-year highs today, closing near the highs for the day.  The Dow reached another new all-time high.  Nasdaq, however, failed to take out last Mondayââ,¬â"¢s highs and backed off most of the session after reaching near it.

So, weââ,¬â"¢ll see if we can get a follow-through from the NDX to confirm the blue-chip indices, but obviously concerned about some of the readings Iââ,¬â"¢m seeing.

However, the indices continue in a 3-month uptrend that continues to bend but not break and move higher.  Until key support is taken out and trendlines are broken, the indices may continue to advance and perhaps will do so even through the election.  Weââ,¬â"¢ll see how it goes.

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.