The stock market indices had a vacillating-type session with many moves back and forth. In the afternoon they managed to surge higher with the S&P 500 making new 7-year highs and the Dow making new all-time highs across 13,500. But without a confirmation from the NDX they eventually rolled over and gave back a chunk of the gains and closed negative on the session.

The Dow was down 11, the S&P 500 down 1.42, and the Nasdaq 100 off nearly 7. The Philadelphia Semiconductor Index (SOXX) was down 5 Ã,¼.

The technicals confirmed the negative day with a 5 to 3 negative ratio on declines over advances on New York. Nasdaq was 19 to 11, or nearly 2 to 1 negative. Up/down volume was negative as well, but not as bad, with about a 7 to 6 negative ratio on New York on total volume of less than 1.5 billion. Nasdad traded just under 1.9 billion with about a 5 to 4 negative ratio.

TheTechTrader.com board was mixed, with some outstanding gainers. Novatel (NVTL) jumped early and closed strongly, up 2.10 on 3 million shares. Junior biotech Geron (GERN) had a very strong session, breaking out early and running all day, closing not far from the highs for the day, up 1.24 on more than 11 million shares.

Aquantive (AQNT) on takeover speculation was up 1.47. That was one of our recent Charts of the Week. NVE Corp. (NVEC) gained 83 cents, CV Therapeutics (CVTX) 66 cents, and Dendreon (DNDN) jumped nearly 40 cents on 25 million shares. 24/7 Real Media (TFSM) on news of its being acquired gained 39 cents on 23 million shares.

On the downside, the only point-plus loser on our board was Synalloy (SYNL), down 1.19. Metabolix (MBLX) fell 86 cents, Global Solutions (GSOL) 54 cents, JA Solar (JASO) 51 cents, and Jones Soda (JSDA) 56 cents. OSI Systems (OSIS) fell 51 cents.

Stepping back and reviewing the hourly chart patterns, the indices consolidated for most of the session, tried an afternoon rally, and went to new highs on the blue chips. But a non-confirmation by the NDX caused a rollover late in the session. Tomorrow is options expiration day and it could be an interesting session.

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.