The markets had a choppy session, but ended on the upside, as an afternoon rally took them off the lows. The day started out with a move up immediately hitting resistance. They sold off sharply after economic news. The market then bounced in the morning into the lunch hour, and then sold off in stair-step fashion for the next several hours before a mid-afternoon rally attempt brought them back.

Net on the day the Dow was up 28, the S&P 500 up 3.70, and the Nasdaq 100 up about a point. The Philadelphia Semiconductor Index (SOXX) was down 0.12, with but some 4 points off the low.

The technicals were positive by 5 to 3 on New York but dead-even flat o Nasdaq. Up/down volume was 9 to 5 positive on New York on volume of must about 1.5 billion. Nasdaq traded just under 1 3/4 billion with just a slight negative plurality on up volume over down volume.

So a mixed picture, but the indices closed positive on the session.

TheTechTrader.com board was narrowly mixed for the most part. There were some solid gainers to the upside, led by U.S Global Investors (GROW), which gained 2.73 post split today on 2 Ã,½ million shares, closing near 28 Ã,½. Jones Soda (JSDA), one of our recent Charts of the Week, jumped 2.13 today on more than 3 million shares. Portfolio position Research Frontiers (REFR) jumped 1.20, closing at 10.80. Dendreon (DNDN) after Friday’s big move, gained another 1.37 today on nearly 44 million shares, bringing the two-day total to 138 million shares traded.

Other stocks of note, Chindex (CHDX) snapped back 98 cents today to its highest level in four weeks. DXP Enterprises (DXPE) was up 62 cents and Energy Conversion Devices (ENER) 52 cents. Global Solutions (GSOL) also snapped back 77 cents today, and Radio Shack (RSH) up 71 cents.

On the downside there were no point-plus losers other than Bear Stearns (BSC) down 1.91. Lehman Brothers (LEH) lost 91 cents. Rochester Medical (ROCM) was down 51 cents, Accredited Home Lenders (LEND) 79 cents, Home Inns (HMIN) 49 cents, and Acadia Pharmaceuticals (ACAD) down 38 cents. Continental Airlines (CAL) also lost 34 cents.

Stepping back and reviewing the hourly chart patterns, the indices opened strong, ran up to overhead resistance at the declining tops lines and moving averages on the hourly charts, and then later in the day tried those levels again on the Nasdaq, in particular, closing right near them and a tad above them on the S&P.

So we’ll see if the late rally can be extended and they can break out of the 5-6 day declining channels. Right now that has not been with case yet, and with Nasdaq trailing and the SMH performing relatively poor today, that may be difficult to do.

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.