This resilient market continues to refuse to roll over, and today was another example. The day started out with a solid up gap, but it faded quickly and then after an hour-long consolidation rolled over sharply. The NDX actually took out yesterday’s lows, but the S&P did not confirm, and at that point they reversed at mid-morning and started a strong 5-wave move that lasted until the close, with the indices closing at the highs for the day going away.

Net on the day the Dow was up 103.6, closing at 13,487,another new all time high, just 2 points off the session high. The S&P 500 was up nearly 13, closing 1 cent off its high for the day. The Nasdaq 100 was up nearly 20, closing at its exact tick high of the day. The Philadelphia Semiconductor Index (SOXX), which was down almost all session, managed to get into the plus column, up 0.55.

The technicals, which were flat to lower most of the session, came on strong in the afternoon, 5 to 3 positive on advance-declines on New York and 3 to 2 on Nasdaq. Up/down volume was 2 Ã,½ to 1 positive on New York on volume of under 1.5 billion. Nasdaq traded more than 2.1 billion and was better than 2 to 1 positive on up/down volume.

TheTechTrader.com board was mostly narrowly mixed. There were a couple of outstanding issues today, one on the plus side: Color Kinetics (CLRK), was up 1.71 to a new all-time high, its second consecutive strong session. The point-plus loser was Transcend Services (TRCR), which dropped 1.13 today.

Other than that, there were no point-plus gainers or losers.

A couple of stocks of note on the plus side, Gigamedia (GIGM), one of our portfolio positions, closed at 15.80, up 61 cents today to a new 7-year high. Chart of the Week LJ International (JADE) snapped back 77 cents from yesterday’s loss. Metabolix (MBLX) was up 48 cents and Rediff.com India (REDF) another 69 cents.

On the downside, Research Frontiers (REFR), one of our portfolio positions, was down 62 cents. JA Solar (JASO) fell 97 cents, DXP Enterprises (DXPE) 64 cents, and DG FastChannel (DGIT) 88 cents. Chindex (CHDX) gave back 63 cents.

Stepping back and reviewing the hourly chart patterns, it sure looked like they were ready to break hard this morning, but after reaching the bottom of the three-day down-channel on the Nasdaq 100 and lateral support on the S&P 500 they reversed and had a solid 5-wave intraday rally that lasted for the rest of the session, with the S&P closing very near its 7-year highs.

We’ll see if there is any upside follow-through tomorrow, but it appears that options expiration on Friday may delay any market slide until next week at the earliest.

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.