The indices had an up-day, but the day started out with a sharp move down as pre-market futures were sharply lower.  However, the decline held pretty much right within 10 minutes of the opening, and then they had a very sharp rebound rally that retested price and moving average resistance.  The next few hours spent in a meandering consolidation-type pattern, with a lunch hour pullback retesting the mid-morning pullback lows successfully. 

That triggered another rally that took the indices to new highs, with the Dow challenging its recently set new all-time highs, the S&P challenging its Octoberââ,¬â"¢s multi-year high, and the Nasdaq 100 reaching up near 1760, which is a multi-year high as well.

But the indices did back off after getting near those levels in the last 90 min, and closed off the highs for the day.  The Dow was up less than 20, up 19.77, the S&P 500 was ahead 3 points, and the Nasdaq 100 up 8 today, but that was more than 21 points off the earlier low and about 8 points off the high.  The Philadelphia Semiconductor Index (SOXX) was near unchanged, down 0.16 today, but managed to get 5 points off its morning low.

The technicals were positive, on New York especially, where advance-declines were 5 to 3 positive, and 3 to 2 on Nasdaq.  Up/down volume was 9 to 7 positive on New York with about 1 2/3 billion traded.  Nasdaq traded just under 2.1 billion, and had about a 7 to 3 positive ratio.

TheTechTrader.com board  was very mixed, with point-plus gainers led by American Science and Engineering (ASEI), up 2.86.  Apple Computer (AAPL) gained 1.94, closing at 82.45. Pacific Ethanol (PEIX) had a stellar day and has been strong of late, up 1.29 to 17.51 on 3.2 million. 

PW Eagle (PWEI) had excellent action today on more than a half million shares, up 1.37.  Sigma Designs (SIGM) ran to another 18-year high today, reaching over 22, closing at 21.78, up 57 cents on 1.1 million. 

Mfri Inc. (MFRI) tagged 20 today, a new-all-time high, closing at 19.58, up 47 cents.  Energy Conversion Devices (ENER) advanced 52 cents, DXP Enterprises (DXPE) 60 cents, and Chart of the Week Cholestec (CTEC) up 90 cents to 17.44.

On the downside, Lumera (LMRA) got hammered at the opening on a gap-down on heavy volume on financing news, but rallied back 1 Ã,½ before pulling back about 50 cents late in the session.  It closed down 90 cents on nearly 13 million shares.  NVE Corp. (NVEC)  gave back 74 cents points.

Stepping back and reviewing the hourly chart patterns, as indicated key overhead resistance levels were tested on the Dow, S&P 500 and on Nasdaq, and those levels, which are NDX 1760 and SPX 1390, will be carefully watched tomorrow to see if we can get a breakout on further advances.

But despite the election results and very negative opening today, the market did well for itself by closing on the plus side and taking back all the earlier losses.

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.