The indices had a strong session today but the vast majority of its gains were gotten in the first hour or so. The indices gapped up on strong pre-market futures and within minutes took out initial resistance and ran hard for the first 90 minutes or so. Then the indices went in to a sideways consolidation. In mid-afternoon the S&P 500 and Dow managed to make higher highs, but the NDX did not. That negative divergence caused a pullback, but initial key support did hold throughout the afternoon and into the close.

Net on the day the Dow closed up 128, the S&P 500 more than 13, and the NDX nearly 26, with the Philadelphia Semiconductor Index (SOXX) up a little more than 3.

Advance-declines were positive by 3 to 1 on New York and 2 to 1 on Nasdaq. Up/down volume was nearly 4 to 1 positive on New York on total volume of about 1.5 billion. Nasdaq traded just under 2 billion shares, with a little less than 3 to 1 positive plurality.

TheTechTrader.com board was active with several point-plus gainers. U.S Global Investors (GROW) led the way, up 3.38 on 4 million shares. DXP Enterprises (DXPE) had a late run and closed up 1.67 at 40.49. Acadia Pharmaceuticals (ACAD) at 16.41 was up 1.77 on 1.7 million.

CEGE was the star today, however, on positive drug news, up 1.39 on 60 million shares, a gain of nearly 33% on the day. Energy Conversion Devices (ENER) advanced 1.05, GSOL snapped back 1.14, Accredited Home Lenders (LEND) was up 1.56 and Jones Soda (JSDA) continued its winning ways, hitting new all-time highs, up 1.49 on more than 3 Ã,½ million shares.

Other stocks of note, low-priced CIMT jumped 87 cents for a more than 20 percent gain.

On the losing side, there were only fractional losses, as most stocks were up on my board.

Stepping back and reviewing the hourly chart patterns, the indices ran up to key overhead resistance at the 1800-02 zone on the Nasdaq 100. S&P resistance at 1440 was tested but also thwarted in the afternoon.

Since they held up so well, let’s see if the consolidations lead to more upside, but we’re at key resistance here and this is a key point in the trend.

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.