The markets exhibited some volatility today with a weak opening and a strong mid-morning rally, another pullback in the afternoon and then some final-hour strength that pulled the indices back into a mixed position.

The Dow closed up 22 ½ and the S&P 500 up 2.65, but the Nasdaq 100 was down 2.62, pushed lower by the Philadelphia Semiconductor Index (SOXX), which was down 2.36.

The technicals, however, were positive by 3 to 2 on advance-declines declines on New York but only by 8 to 7 on Nasdaq. Up/down volume was 4 to 3 positive on New York, but 5 to 4 negative on Nasdaq. Total volume on New York was a little over 1.4 billion. Nasdaq traded 1.9 billion.

TheTechTrader.com board was very mixed. It was led by far by e-Future Information Technology (EFUT), which we traded a couple times and which is our Chart of the Day. It had an extremely strong afternoon, closing up 5.62 to 20.61 on nearly 2 million shares traded.

The Chinese group in general was very strong today. Other stocks in that group that had a terrific day were China GrenTech (GRRF), up 85 cents, and China Medical Technologies (CMED), up 93 cents.

Chart of the Week Industrial Services of America (IDSA) jumped 98 cents, and we entered it into our portfolio during the session today. Chart of the Week LSB Industries (LXU) was up 46 cents, recent Chart of the Week MEDTOX Scientific (MTOX) gained 1.25, Research Frontiers (REFR) up 1 to a new multi-year high, and Color Kinetics (CLRK) up 3.86 on 3.9 million shares on a takeover by Phillips.

On the downside, Force Protection (FRPT) gave back 1.27, Infinera Corp. (INFN) was down 1.99 and most other stocks were down small fractions. Sigma Designs (SIGM) dropped 42 cents.

Stepping back and reviewing the hourly chart patterns, despite the gyrations the indices basically kept in a consolidation-type pattern, extending that pattern now for a third day. Although the morning dip did take it down below initial support, secondary support held.

So we’ll soon see if we get above the 1947-48 NDX resistance or above the 1536-38 S&P resistance, and we’ll be watching those levels over the next couple days to see if they can break them out and thrust higher.

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.