The indices had a mixed session today, but they did make new multi-year highs before it was over, although they backed off when they got near major round numbers.

The day started with another gap up, particularly on the Nasdaq 100, but the S&P 500 did not keep pace. They quickly sold off, held support, and then bounced sharply, making nominal new highs on the NDX but failing to do so on the S&P. Over the next several hours they backed off in a 3-wave decline, with the S&P making lower lows and the NDX holding its morning lows. That positive divergence triggered an afternoon rally that took the Nasdaq 100 up to 1897, just short of the 1900 level. The S&P 500 got up to 1498, but couldn’t quite get to 1500, and in the last hour they rolled and gave back a chunk of the gains, putting the S&P and the OEX into negative territory on the session.

Net on the day, they closed narrowly mixed, except for the Nasdaq 100, which had a decent session today. The Dow was up 15 Ã,½, but the S&P 500 was down 1.17. The Nasdaq 100 was up 8 Ã,¾, with the Philadelphia Semiconductor Index (SOXX) up 3.64.

The technicals were negative. Advance-declines were 18 to 14 negative on New York and about 16 to 14 Ã,½ on Nasdaq. Up/down volume was 9 to 7 Ã,½ negative on New York on total volume of about 1 2/3 billion. Nasdaq traded nearly 2.4 billion, and had about a 12 to 11 positive ratio.

TheTechTrader.com board was mostly narrowly mixed, but there were some outstanding gainers. Align Technologies (ALGN) on strong earnings and upgrades gapped up at the opening, ran hard and then backed and filled for the rest of the day, up 5.91 on 10 million shares.

Recent Chart of the Week DXP Enterprises (DXPE) continued its recent advances, up another 1.60 today.

Other than that there were no point-plus gainers on the board. BOOM advanced 79 cents ahead of its earnings release tonight. Chindex (CHDX) was up 87 cents, and Sigma Designs (SIGM) advanced 51 cents. USA Technologies (USAT), a recent chart of the Week, gained 45 cents.

On the downside, Dendreon (DNDN) continued its recent pullback, down 1.35 on more than 20 million. Jones Soda (JSDA), also coming off its recent rally highs, was down 1.65 on 4 Ã,¼ million.

Solar energy stocks were negative across the board today, with Solar Fun Power (SOLF) down 59 cents, and JA Solar (JASO) down 88 cents. Energy Conversion Devices (ENER) fell 36 cents, and Evergreen Solar (ESLR) 31 cents.

Stepping back and reviewing the hourly chart patterns, the indices made nominal new highs, but backed off late in the session and closed mixed on the session with mixed to weak technicals.

There may have finally been some distribution and churning going on today. We’ll see if that translates into any downside action, but so far the indices have hung tough and consolidated well.

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.