The markets ended the week on an up-note for the most part, other than the Nasdaq 100, which did not manage to get back into positive territory despite a rally from mid-morning right to the close, making back almost all of its early steep losses. 

The day did start out with a sharp down-move on pre-opening futures being sharply lower.  They bounced and then went lower on the Nasdaq, but did not get a confirmation from the S&P 500.  When they managed to hold for most of the morning they ended up rallying late morning, pulling back in the early afternoon to retest successfully, and then rallying back into the close.

The Nasdaq 100 closed over 1800 but was down 1.30 on the day.  The Dow managed to close at a new all-time high, and right at the high for the day as well, up 36.74 to 12,342.50.  The S&P 500 managed to get back over 1400 at 1401.20, up 1.44.  The Philadelphia Semiconductor Index (SOXX), however, was down 2.68 today, and was probably the chief reason why the Nasdaq 100 was not able to get back into plus territory.

The technicals were negative on advance-declines by 216 issues on New York and nearly 500 issues on Nasdaq.  Up/down volume was nearly flat on New York with nearly 1 2/3 billion traded.  Nasdaq traded a like amount with about a 3 to 2 negative plurality.

TheTechTrader.com board was narrowly mixed for the most part.  There were a couple outstanding issues today.  Recent Chart of the Week Chindex (CHDX) exploded, running to a new 2 1/-year high near 23 today, before closing at 22.09, up 2.62.  Acorda Therapeutics (ACOR), another recent Charts of the Week, was up 1.53 on 1 1/3 million, and portfolio position China Medical (CMED) advanced 1.25 today on 1 Ã,½ million as well.

Other stocks of note, the GLD was up 47 cents.  Inphonic (INPC), one of our other portfolio positions, advanced 37 cents.  US Oil Trust (USO) was up 35 cents, and XM Satellite Radio (XMSR) up 36 cents today.

On the downside, there were no point-plus losers.  Energy Conversion Devices (ENER) gave back 84 cents, NVE Corp. (NVEC) 46 cents, and U.S. Global Investors (GROW) 66 cents.

Stepping back and reviewing the hourly chart patterns, we had a very severe test of short-term support, and although the lows were slightly taken out there was no downside follow-through, and a mid-day to afternoon rally ensued.  The bulls are still in control, as the bears have not been able to take out key levels.  Itââ,¬â"¢s going to be a very interesting week next week pre-Thanksgiving, which is historically a strong week.

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.