The markets continued undauntedly higher as every pullback hoeld support and intraday reactions held the intraday moving averages today.  The markets ended at or near the highs for the day going away, but it started out with a gap-up, a pull back, and then a very strong rally in the morning that led to a morning pullback that held at a higher level on the NDX and right at earlier pullback lows on the S&P.

For the rest the session the NDX worked its way higher while the S&P meandered sideways before also breaking away late in the session, and both indices closed at new rally highs for this entire move.

The Dow was up 71 1/2, the S&P up 8 1/4, the Nasdaq 100 nearly 20 1/2, and the SOX was up nearly 8 points, or more than 1 1/2 percent.

Technicals were solid by 22 1/2 to 10 on New York and 20 1/2 to 10 on Nasdaq.  Up/down volume was more than 2 to 1 positive on New York more than 1.5 billion traded.  Nasdaq traded about 1 2/3 billion with about a 4 to 1 ratio on up/down volume.

TheTechTrader.com board was very active today and had some outstanding gainers again.  Spire Corp (SPIR) exploded on nearly 10 million shares, up 3.63, a gain of more than 50% today.

Miva Inc.(MIVA)formerly Findwhat.com, a new stock we're following, also moved sharply higher, gaining 1.31 on nearly 5 million shares.  JAMDAT Mobile (JMDT) was up 1.22, Forward Industries (FORD) up 89 cents, Able Energy (ABLE) up 80 cents, and Host America (CAFE) was up another 56 cents.  However, that was more than 2 1/4 off the high for the day on nearly 21 million shares traded.

In the larger cap sector Broadcom (BRCM) popped another point on nearly 8 million shares. Intel (INTC) was up 48 cents to a new 52-week high, and that certainly helped the SHM, which gained 60 cents, as well as the QQQ, which was up 45 cents.

On the downside, Internet Initiative Japan (IIJI) gave back 81 cents, and DayStar Technologies (DSTI) was off 98 cents.

Other than that, most stocks were higher today on our board.

Stepping back and reviewing the hourly chart patterns, as indicated the indices have refused to give way despite many technical and negative deliverances, and with today's breakout to new highs it's conceivable we can still continue higher.  But I urge caution to our readers, as the markets cannot defy the technical divergences for too long before they give way.

However, the trend is your friend and the trend is still up, and momentum is still strong enough to carry them higher before we see a reversal.

Good trading!

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.