The indices had a remarkably resilient session today although they closed near the flat line. The day started out with a large gap down. They broke key short-term support, but just briefly, and then snapped back, consolidated and then started a strong rally near mid-day that stair-stepped its way higher and retested yesterday highs on the NDX and key overhead resistance on the S&P before they backed off. But even then, in the last hour they came on again and closed at or near the highs for the day.

The Dow was down 3.90, but 72 points off the low. The S&P 500 was 7 points off its low, down 1.76. The Nasdaq 100 was 16 points off its low, up 3.87. The Philadelphia Semiconductor Index (SOXX) was down 2.73 today, but 4 points off its low.

So the indices did have a strong snapback, but the technicals didn’t make it back into positive territory other than Nasdaq up/down volume.

Advance-declines were 3 to 2 negative on both New York and Nasdaq. Up/down volume was 3 to 2 negative as well on just a little less than 1.5 billion traded on New York. Nasdaq traded 1.85 billion with about a 4 to 3 positive ratio.

TheTechTrader.com board was mostly narrowly mixed. Portfolio position DGIT was one of the leading gainers on my board, up 1.38 to a new three-year high. FuelTek (FTEK), which announced somewhat disappointing earnings this morning, dropped 2 Ã,½ points early, but came back more than 4 points and closed up 1.33 on the day, a very strong reversal day.

Other stocks of note, Jones Soda (JSDA) was up 81 cents, Global Solutions (GSOL) 55 cents, and portfolio position Halozyme Therapeutics (HTI) advanced 32 cents and tested all-time highs today.

GigaMedia (GIGM), another portfolio position, advanced 23 cents, and Sigma Designs (SIGM) gained 19 cents.

On the downside, the only point-plus loser was NVE Corp. (NVEC), which gave back 1.33 from recent sharp gains. JA Solar (JASO) was down 69 cents in a weak solar group. Inspire Pharmaceuticals (ISPH) was off 37 cents, releasing earnings tomorrow, and Chindex (CHDX) gave back 39 cents.

Stepping back and reviewing the hourly chart patterns, the remarkably resilient rally righted itself today and closed near the highs for the day going away. Tomorrow is the FOMC announcement. It could be a quiet morning, but there may be some fireworks after that. We’ll see how it goes tomorrow.

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.