The indices continued to march higher today, setting new multi-year highs on the S&P 500 and very close to testing its all-time high set in 2000. The Dow again forged ahead to new all-time highs. The Nasdaq 100 pressed its recent resistance highs ,but could not break out, although it did end up positive on the session, despite the Philadelphia Semiconductor Index (SOXX) being down on the day.

The day started out with a move up, and then a quick pullback from resistance. When that test was successful, the market popped higher, taking out resistance on the S&P 500. But the failure to confirm by the NDX caused a mid- to late-morning pullback. They then had a very sharp up move mid-day that set new rally highs and multi-year highs on the Dow and S&P.

A late afternoon sharp pullback gave the indices a severe test of the three-day trendlines and lateral price support that held, and they bounced late in the session, closing the S&P and Dow right at or near their multi-year and all-time highs.

Net on the day the Dow was up just under 80, the S&P 500 under 10, and the Nasdaq 100 12 Ã,¼. As indicated earlier the SOXX was down 0.6.

The technicals were positive by 3 to 2 on advance-declines on New York and 2 to 1 on Nasdaq. Up/down volume was nearly 3 to 1 positive on New York on total volume of more than 1.5 billion. Nasdaq traded just over 2 billion and had about a 2 to 1 positive ratio.

TheTechTrader.com board was very active, led by far today by aQuantive (AQNT), one of our recent Charts of the Week, which vaulted nearly 28 points on 45 million shares, on a takeover by Microsfot. Value Click (VCLK) in sympathy with aQuantive jumped 2.12 on 25 million. DXP Enterprises (DXPE) had a late surged and closed up 1.22, and DG FastChannel (DGIT)gained 1.10. Chindex (CHDX) was outstanding today, up 2.13, breaking out across a 4-month resistance level. Color Kinetics(CLRK), a recent Chart of the Day, was up 1.47, and Synalloy (SYNL) snapped back 85 cents today.

On the downside, solar energy stocks got hammered again, as Cramer put out a negative recommendation on the industry. JA Solar (JASO) dropped 1.45, and Ascent Solar (ASTI) dropped 41 cents, closing at 7.70 and was stopped out of our model portfolio.

Stepping back and reviewing the hourly chart patterns, the short term three-day up channel continued today, with a couple mid-morning and afternoon tests that were successful. The indices closed near the session highs going away on options expiration day.

I suspect they may unwind and pullback next week, but we may see some upside first, as the May rally continues undaunted.

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.