The stock market had a narrow consolidation day, and the indices ended up slightly to the plus side, other than the Philadelphia Semiconductor Index (SOXX), which was putting pressure on Nasdaq all day.

The day started out with a little bit of a move up that didnââ,¬â"¢t get too far.  They made nominal new highs on the Nasdaq 100 but not on the S&P 500, and then rolled over, retested support, held, and rallied back to the highs again.  They couldnââ,¬â"¢t get through, and then backed and filled into the close.

The Dow was up 5.05, the S&P 500 up 2.31, and the Nasdaq 100 up 5.07.  But the SOXX was down 5.40 today.

Technicals were positive by about 3 to 2 on advance-declines on New York but flat on Nasdaq.  Up/down volume was 9 to 5 positive on New York on less than 1.5 billion shares, but just 8 to 7 positive on Nasdaq on a little more than 1.5 billion.

TheTechTrader.com board was very active, and there were several outstanding stocks today.  E-Future Information (EFUT) once again exploded, ran hard, but could not get through 50, and when that occured it rolled over late in the session.  It still closed up 2.18 on the session, but 6 Ã,½ points off the high. 

U.S. Global Investors (GROW) continued its winning ways, soaring through 50 today, closing at 51.50, up 4.05 on 1 1/3 million.  That stock should be splitting shortly.

Chart of the Week Jinpan International (JST) popped for 1.45, closing at 20.20.  NVE Corp. (NVEC) ran hard today, up 3.80, closing just under 44.  Rediff.com India (REDF) rose 1 to 20, and Pacific Ethanol (PEIX) was up 1.01 to 18 Ã,½.

The US Oil Trust (USO) was up 98 cents, and the Gold ETF (GLD) was up 54 cents.

Chinese stocks were active and up today.  China Development Group (CTDC) advanced 96 cents on 1 Ã,½ million shares.  China Automotive (CAAS) gained 55 cents, China Natural Resources (CHNR) 94 cents, and Chart of the Week China GrenTech (GRRF) 55 cents, although at one point was up nearly 2.

On the downside, the loss leader was CROCS Inc. (CROX), which gave back 2 Ã,½ points today on more than 9 Ã,½ million shares.  Chart of the Week Home Inns & Hotels (HMIN) gave back 93 cents after yesterdayââ,¬â"¢s big gains, but even that was about 1 Ã,½ off the low.  TrioTech (TRT) gave back 1.02, and Vertex Pharmaceuticals (VRTX) 1.

Stepping back and reviewing the hourly chart patterns, the indices have continued to hold moving averages and trendlines, and todayââ,¬â"¢s consolidation day may be setting up for further price progress.  Definite overhead resistance at 1810 NDX and 1404 S&P will be watched closely 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.