The indices had another up-session with some late profit-taking paring the gains, and it was a semi-volatile day. 

They started out moving upwards, then had a sharp hit that tested support.  They bounced but backed off resistance and retested on the NDX, with the S&P 500 holding up much better.  Then the indices rallied, with the NDX performing well along with the S&P, getting to new multi-year highs on the S&P and 2006 highs on the NDX, reaching as high as 1806 on the NDX and nearly 1404 on the S&P.  Over the last 45 minutes or so they sold off and pared the gains, as indicated before.

But the Dow still managed to close over 12,300 at 12,305, up 54 and change.  The S&P 500 closed just under 1400, up 3.19, and the Nasdaq 100 near 1802 was up 8.15.  The Philadelphia Semiconductor Index (SOXX) gained 2.12.

But the technicals werenââ,¬â"¢t impressive with the  NYSE advance-declines only 17 to 15 higher, and Nasdaq only higher by 16 issues.  Up/down volume was 3 to 2 positive on New York with 1.6 billion.  Nasdaq traded 2 billion with an 11 to 9 positive ratio.

TheTechTrader.com board was mixed.  On the plus side, E-Future Information (EFUT) snapped back from yesterdayââ,¬â"¢s big loss, gaining as much as 8 points at one point, but closing up 4.46 on nearly 3 million.  Rambus (RMBS), a stock we traded a couple times today, had a terrific session, gapped up and ran all afternoon to close up 5.07 on 36 million shares.  Apple Computer (AAPL) reached as high as 86.30, closing at 85.61, up 1.56 on nearly 25 million today.

Other stocks of note, recent Chart of the Week Cholestech (CTEC) was up 60 cents, tagging a new 4-year high.  U.S. Global Investors (GROW) gained 81 cents, although it was about 2 Ã,¼ higher than that earlier in the session, reaching new all-time highs.  Low-priced Ocean Bio-Chem (OBCI), which explode last Tuesday, had another strong session, popping from 2.08 to 4.08, before closing at 3.58, up 1.43 on 1 1/2 million, a big percentage gain there. Vertex Pharmaceuticals (VRTX) gained 70 cents, tagging 45 today to a new 5 year high. 

Another recent Chart of the Week, American Oriental Bioengineering (AOB) traded on the AMEX gained 36 cents, closing at a new all-time high of 10 Ã,¼.

On the downside, Energy Conversion Devices (ENER) gave back 1.07, NVE Corp. (NVEC) 1.62, and the U.S. Oil Trust (USO) ETF fell 1.92, with the price of oil dropping $2.50 a barrel today.

Dendreon (DNDN) on financing news got hit hard early, but came back, still losing 59 cents on 7 Ã,½ million shares today.  Evergreen Solar (ESLR) gave back 41 cents.  The GLD gold tracking stock was down 53 cents on the drop in gold today.

Two other stocks on the downside, MFRI Inc. (MFRI) gave back 77 cents, and Sigma Designs (SIGM) 53 cents.

Stepping back and reviewing the hourly chart patterns, the indices continue marching higher, although there was some late profit-taking and a fairly toppy-looking pattern on the S&P.

But weââ,¬â"¢ll see if they hold support tomorrow.  Key support is at todayââ,¬â"¢s lows on the NDX near 1791 and yesterdayââ,¬â"¢s lows at 1396 on the S&P.

Weââ,¬â"¢ll be watching those levels carefully 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.