The markets ended to the plus side, but were under pressure all morning by the SOX index, which ended down.  Despite that, after consolidating for much of the morning and early afternoon, the market popped to nominal new rally highs on the Nasdaq 100, failed to do so on the S&P but pressured them near the close. 

Net on the day the Dow was up 57, the S&P 500 up 5.63, and the NDX up 13.  But the SOX Index was down 3, although that was about 8 points off the low.

The technicals were positive by about 18 1/2 to 14 on New York and only by about 8 to 7 on Nasdaq.  Up/down volume, however, was 8 to 5 positive on New York over 1.4 billion traded.  Nasdaq traded over 1.7 billion and had about a 3 to 2 positive ratio on up/down volume.

TheTechTrader.com board was mixed.  Only two stocks were up or down as much as a point.  Spire Corp (SPIR) gave back another 1.51 after some sharp gains earlier in the week, and Broadcom (BRCM) was up 1.11.

Other stocks of note on the plus side, WPCS International (WPCS) had a strong morning rally of as much as 2 1/2 points, but gave back most of it.  It still closed up 61 cents on 5 1/2 million shares.  Netflix (NFLX) was up 51 cents, and Millennium Pharmaceuticals (MLNM), to a new six-month high, rose 40 cents on 15 1/2 million. Medicore (MDKI) ran 67 cents, and Forward Industries (FORD) made a new all-time high today before backing off.  It still closed up over 25 for the first time, up 58 cents on 1.3 million.

Dynamic Materials (BOOM) had a very sharp mid-day rally, but gave back most of it, still ending up 46 cents on the day.

On the downside, CryptoLogic (CRYP) gave back 60 cents, Amylin Pharmaceuticals (AMLN) 88 cents, and Miva Inc. (MIVA) 72 cents, closing near the lows or the day on 1.6 million.  DayStar Technologies (DSTI) in the alternative energy sector fell 59 cents.

Stepping back and reviewing the hourly chart patterns, the consolidation of the last five days ended up being just that, as the indices broke to the upside, with the Nasdaq 100 slightly taking out the highs set on July 21.  The S&P 500, however, ran up to test the 1238 and change high that was set a couple days ago and backed off late in the session just a tad. 

So we're near important overhead resistance, actually taking them out nominally on the Nasdaq 100.  Tomorrow they'll be testing, and we'll see whether or not this rally can continue to extend itself.

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.