The indices ended the week on an upbeat note with the Nasdaq 100 near unchanged. But the session was remarkably similar to yesterday when they opened very strong on a gap-up, had an early morning surge and then pretty much consolidated for the rest of the day. That’s what occurred today, with a bit more of a downward bias from the session highs.

Net on the day the indices set new multi-year and all-time highs in some cases, had a three-wave decline into mid-session where they held, bounced early afternoon but failed to break out, and then meandered into the close over the last couple hours.

Net on the day the Dow was up more than 40, the S&P 500 up 5 Ã,¾, but the Nasdaq 100 was up just 0.07. The Philadelphia Semiconductor Index (SOXX) was up 1.72.

The technicals were positive by 2 to 1 on advance-declines on New York and about 3 to 2 on Nasdaq. Up/down volume was 2 Ã,½ to 1 positive on New York, with about a little more than 1.4 billion traded there. Nasdaq traded just under 1.9 billion, and was less than 2 to 1 positive on up/down volume.

TheTechTrader.com board was mixed to mostly positive. Point-plus gainers included FuelTek (FTEK), which was up 1.82 on another contract announcement and broke out of a 3-month resistance level. MEDTOX Scientific (MTOX) snapped back 1.65, and OSI Systems (OSIS) was up 1.62. Chindex (CHDX) closed at 22.05, up 1.14. VeriChip (CHIP), a recent IPO, was up 1.07, a significant percentage gain on a quarter-million shares.

Other gainers of note, Industrial Services of America (IDSA) advanced 70 cents, Sigma Designs (SIGM) jumped 71 cents on more than 1 million traded, VASCO Data Security (VDSI) was up 40 cents, and Zoltek (ZOLT) up 65 cents.

On the downside, Force Protection (FRPT) lost 1.05, although that was 1 Ã,¼ off the low. That was the only point-plus loser. Dendreon (DNDN) gave back 45 cents on 35 million.

Stepping back and reviewing the hourly chart patterns, as indicated earlier it was a similar session to Thursday, as the indices ran early and then consolidated for the rest of the session. That augurs well for the bulls, who appear to still be in control.

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.