Most of the action of todayââ,¬â"¢s market occurred in the first hour.  The indices opened strong, backed off, held support, and then rallied strongly, taking out yesterdayââ,¬â"¢s highs and taking the S&P 500 to new 6-year highs.  The rest of the day was spent meandering sideways in a consolidation-type pattern, but without breaking out either way the indices basically drifted into the close.

The Dow managed to close up 47 Ã,¾, the S&P 500 up 5.64, and the Nasdaq 100 a little less than 5.  The Philadelphia Semiconductor Index (SOXX) was up 3.70 today.

The technicals were positive by 5 to 3 on advance-declines on New York, but just by 77 issues on Nasdaq.  Up/down volume was a little less than 2 to 1 positive on New York on about 1 Ã,½ billion traded.  Nasdaq traded more than 2 billion shares today, and had a slight edge to the downside.

TheTechTrader.com board was active and mixed.  There were some outstanding issues to the plus side.  Todayââ,¬â"¢s leader was Fuel Tech (FTEK), one of our old favorites, up 2.34, setting a new all-time high today just under 26.  Chinese stocks were strong today, led by American Oriental Bioengineering (AOB), up 1.21 to 12.10.  China Automotive (CAAS) was up 1.04, China GrenTech (GRRF) up 94 cents and Home Inns & Hotels (HMIN) 98 cents.  China Medical (CMED) was up 79 cents, and China Development Group (CTDC) up 72 cents.

Other stocks of note, Indian Internet portal Rediff.com India (REDF) up 1.05 today.  MFRI Inc. (MFRI), one of our recent Charts of the Week, jumped to a new all-time high, closing at 21.50, up 1.50.  Angeion (ANGN) also set a new all-time high today, closing up 43 cents.  Syntax-Brillian (BRLC) was up 74 cents to 9.30 on over 5 3/4 million shares to a new 2-year year.

Sigma Designs (SIGM) advanced 84 cents today and set a new all-time high, passing 28 for the first time.

Among our portfolio positions, ISIS Pharmaceuticals (ISIS) was up 41 cents, Trio-Tech (TRT) 39 cents, and Gmarket (GMKT) 33 cents.

On the downside, there were fractional losses for Energy Conversion Devices (ENER) down 59 cents, Global Sources (GSOL) 45 cents, Lumera (LMRA) 43 cents and Jamba, Inc. (JMBA) down 39 cents.

Stepping back and reviewing the hourly chart patterns, the indices basically spent today consolidating after the initial surge in the morning, but still have an overall positive look to them.  With the bulls still in control, the bears will have a tough time wresting that away, but for now with the S&P at 6-year highs and the Dow near all-time highs, the indices can easily continue this for a bit longer.

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.