The indices ended with a solid plus session.  They were very strong in the morning, sold off mid-day, and then rallied late in the day to come back toward the session highs.  Only a late pullback brought them back from the highs for the session.

Net on the day the Dow was up 12 1/4, the S&P was up about 4 1/3, the Nasdaq 100 nearly 8, and the SOX up a couple points today.

The technicals were solid by 2 to 1 on New York and nearly 2 to 1 on Nasdaq.  Up/down volume was 2 1/2 to 1 positive on New York, with total volume of about 1 1/3 billion traded.  Nasdaq traded nearly 1.8 billion, with 1.3 billion of it to the upside, about 2 1/2 to 1 positive there as well. 

TheTechTrader.com board was active, but mostly mixed and narrowly so.  Only one stock was changed by as much as a point.  That was Amylin Pharmaceuticals (AMLN) up 1.10, following up on this week's earlier rally.

Other stocks of note, Juniper Networks (JNPR) advanced 78 cents, Energy Conversion Devices (ENER) in the alternative energy sector was up 84 cents, along with Evergreen Solar (ESLR) up 29 cents.

Medicore (MDKI) was up 75 cents, Parlux Fragrances (PARL) was up 96 cents, Vertex Pharmaceuticals (VRTX) 72 cents, and Air T (AIRT) advanced 73 cents.

On the downside, Dynamic Materials (BOOM) rallied early but gave back all of its gains and then some, down 82 cents on the day.  Able Energy (ABLE) was down 40 cents and Georesources (GEOI) 36 cents, along with Kendle International (KNDL) down 42 cents.

Stepping back and reviewing the hourly chart patterns, the Nasdaq has come up against key overhead resistance going back three weeks at the 1540 area.  It closed at 1537.42, so it's just beneath that and may do some additional testing tomorrow.  The S&P, however, did break out to new rally highs, and closed over 1210 for the first time in a while.

The overall chart patterns do look constructive, particularly on the blue chips, where new highs have been made and moving averages are rising.

The Nasdaq 100 is still held back by price resistance and declining tops resistance in the 1539-40 zone.  As I indicated yesterday, I thought the blue chips would pull Nasdaq back up, and tomorrow will be a key test of that.

It's also options expiration tomorrow, so whatever price advances we could get may be delayed until Monday's action.

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.