The indices had an extremely strong session, particularly late in the afternoon after the FOMC minutes were released. The initial reaction to that was negative, but they quickly reversed and exploded strongly higher all afternoon, closing at the highs for the day going away.

It was a day when the indices opened with a gap down early in the session, tested support successfully and then started the 5-wave rally which accelerated into the afternoon.

Net on the day the Dow was up 111 3/4, the S&P 500 up more than 12, and the Nasdaq 100 up more than 18 Ã,¼. The Philadelphia Semiconductor Index (SOXX), which was down all session, managed to get back into the plus column and closed up 1.75.

The technicals were positive by more than 2 to 1 on advance-declines on New York but only by 16 to 13 on Nasdaq. The up/down volume was almost 4 to 1 positive on New York on total volume of just over 1.5 billion. Nasdaq traded over 2 billion shares today, and had a 2 Ã,½ to 1 positive ratio on advancing volume over declining volume.

TheTechTrader.com board was mixed, mostly higher, however, and led by far today by Novacea (NOVC), a biotech stock which came out with very positive news and jumped nearly 7 points today on 21 million shares.

Recent IPO VeriChip (CHIP) closed at 8, up 1.08 on 400,000 shares, and breaking out to new post IPO highs. Transcend Services (TRCR) was up 1.06 to 17 Ã,¼. Zoltek (ZOLT) was up 76 cents, Force Protection (FRPT) 79 cents, and Arrowhead Research (ARWR) advanced 54 cents.

Portfolio position DG FastChannel (DGIT) was up 33 cents, and Global Solutions (GSOL) to a new multi-year high closed at 21.73, up 44 cents. LJ International (JADE) at 12.40 was up 65 cents, and Taser (TASR) jumped past 11, closing at 10.99, up 54 cents on more than 8 million today.

On the downside, the loss leader was DXP Enterprises (DXPE), down 2.20. That was the only point-plus loser on our board.

Stepping back and reviewing the hourly chart patterns, the indices exploded through key overhead resistance at 1905 NDX and 1522 S&P, closing at 1917 and 1530, respectively, near the highs for the day going away and near the 2007 multi-year highs on the S&P. We’ll see if there’s a follow-through 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.