The stock market today vacillated in a narrow range, but the afternoon rally brought them up to the highs for the day and they closed positive on the session. The S&P and NDX had decent gains today, although the Dow had just narrow gains.

The day started out with a move down. They then bounced sharply up to yesterday’s highs and then backed off and successfully retested the lows. After lunch hour the indices started an afternoon rally that was slow and steady but accelerated into the close.

Net on the day the Dow was up less than 5, the S&P 500 up more than 3 3/4, and the Nasdaq 100 8 Ã,¾. That was assisted by the Philadelphia Semiconductor Index (SOXX)which was up most of the day today and closed up 3.81.

Technicals were positive by 5 to 3 on advance-declines on New York, but by just 16 to 13 on Nasdaq. Up/down volume was 8 to 5 positive on New York with 1.3 billion traded. Nasdaq traded just under 1.8 billion with about a 5 to 4 positive ratio of up/down volume volume.

TheTechTrader.com board was active with a lot of point-plus gainers and losers. On the plus side, Rochester Medical (ROCM) gained 1.15. portfolio position Ascent Solar (ASTI) gained 1.12, closing at the high for the day going away on nearly 1 million shares. Among other stocks in that group that were also strong, Evergreen Solar (ESLR) was up 64 cents on 2.7 million, Energy Conversion Devices (ENER) up 39 and several others were up as well. However, DayStar Technologies (DSTI) was flat on the day.

Sigma Designs (SIGM) gained 31 cents but was 1.60 off the earlier high on 1.2 million shares on news of a new client win. Among our portfolio positions, Exide Technologies (XIDE) gained a quarter, Halozyme Therapeutics (HTI) 30 cents, and Force Protection (FRPT) 32 cents.

Avici (AVCI), one of our recent Charts of the Week, was up 22 cents, and as mentioned before the semiconductors were strong, with the SMH up 43 cents.

On the downside, point-plus losers included DXP Enterprises (DXPE), down 1.38, and FuelTek (FTEK) 1.53. U.S Global Investors (GROW) fell 1.39, Jones Soda (JSDA) 1.49, and Dendreon (DNDN) finally got some profit-taking, giving back 1.43, although earlier in the session reached over 25 to a new all-time, closing at 22.15 on 66 1/3 million shares.

Stepping back and reviewing the hourly chart patterns, the indices pulled back on the hourly charts and held the rising 21-day moving averages at the lows today and the 4-day rising trendlines, firming up late in the session and closing strong on the day. It remains to be seen if they can extend it tomorrow, but right now the indices are set up for more upside before we get a further correction.

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.