The indices had mixed results at the close today. The Philadelphia Semiconductor Index (SOXX), which was up more than 13 points today, pushed the Nasdaq 100 to new 5 Ã,½-year highs earlier in the session before they sold off. Although they did come back again.

The day started out with gap up on the indices, taking the NDX, as I said, to new multi-year highs. The S&P 500 also tagged new multi-year highs, reaching just under 1462. They had a 3-wave decline, and a sharp one, in the morning, but held the short-term rising trendlines, and then a snapback rally ensued that failed at resistance. They backed off and retested successfully and came on strong at the close, with the NDX making new afternoon highs but the S&P failing to confirm.

Net on the day, the Dow was down 52.40 and the S&P 500 off 1 1/4, but the Nasdaq 100 was up 7.21 on a 13.05 gain in the SOXX, which gained near 3 percent today.

However, technicals were negative on New York, where advance-declines were 17 Ã,½ to 16 negative. Nasdaq was 16 Ã,½ to 13 Ã,½ positive. Up/down volume was 7 to 6 negative on New York, and 12 to 7 positive on Nasdaq. Total volume was 1.45 billion on New York and over 2 billion on New York.

TheTechTrader.com board was mostly narrowly mixed, but there were some outstanding gainers. Energy Conversion Devices (ENER) jumped 2 points early in the session, gave back a little of it, but held on for a 1.43 gain on nearly 2.9 million. That was the leading gainer on our board. Stereotaxis (STXS) exploded for 1.17 on the heaviest volume in three months.

Among other gainers, BioDelivery Sciences (BDSI), a low-priced biotech stock, was up 81 cents on more than 1 million shares. The SMH gained 92 cents, along with the run in the SOXX. Nymox (NYMX), another junior biotech, was up 40 cents. Sigma Designs (SIGM) gained 43 cents today, and Secure Computing (SCUR), a recent Chart of he Week, was up 39 cents, with Qiao Xing Universal Telephone (XING) up another 40 cents.

VASCO Data Security (VDSI) gained 53 cents to a new multi-year high, and Exide Technologies (XIDE) gained 39 cents.

On the downside, Home Inns & Hotels (HMIN) lost 1.05, Chindex (CHDX) 1.66 and Cleveland Biolabs (CBLI) gave back 1.63 from its recent gains.

Stepping back and reviewing the hourly chart patterns, the indices held on as the bears failed to wrest control from the bulls, and the indices snapped back late in the session to take back about half the morning losses and put the Nasdaq 100 solidly in the plus column, chiefly due to the SOXX, of course.

The indices closed on a very positive up-note despite steep early losses. And as indicated earlier the bulls are still in control and the rally continues.

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.