The indices had a mixed session with the NDX in particular being very strong today, fed by the Philadelphia Semiconductor Index (SOXX), up nearly 5. But the Dow was down and the S&P 500 ended near the flat line.

The technicals were flat to weaker but mixed as well. It was a very interesting session, but it smacked of technical divergences and was rather weak in terms of technical underpinnings.

The session started out with a move up to new 7 year highs on the Nasdaq 100. A sharp pullback ensued, and the S&P went to lower lows. The Nasdaq did not, and they then rallied, rolled over again, retested the lows on the Nasdaq 100, made lower lows again on the S&P, but just before lunch hour the indices hit their lows for the day and started a 5-wave rally that lasted till the end of the day, the Nasdaq 100, in particular, moving very strongly, jumping from a low of 1964 to a high of 1983, and backing off just a little bit in the last 10 minutes, taking them off the high for the day. But despite the seven-year highs on the Nasdaq 100, the S&P failed to even take out the morning high.

Net on the day the Dow was down 11 Ã,½, the S&P up 1/2, and the Nadsaq 100 up nearly 16 with the SOXX up nearly 4.

The technicals were negative by 300 issues on New York on advance/declines and by just 13 issues on Nasdaq, where the technicals were relatively weak. However, up/down volume was about 5 to 3 positive on Nasdaq on about 1 2/3 billion traded, and flat on New York, with about 1 1/3 billion traded.

TheTechTrader.com board was mostly higher, but mixed. There were several point-plus gainers. Chart of the Week Local.com (LOCM) soared 4 points on nearly 15 million shares, particularly strong in the last hour when it ran up about 2 points. Force Protection (FRPT) was up 1.86, FuelTek (FTEK) up 1.68, EFUT 1.90. Those were the point-plus gainers.

Other stocks of note, Transcend Services (TRCR) was up 88 cents, NVE Corp. (NVEC) 74 cents, Immersion Corp. (IMMR) 59 cents and CREE up 79 cents, with Chindex (CHDX) up 86 cents and Blue Phoenix up 54 cents.

On the downside, JA Solar (JASO) gave back 1.51 and Novatel (NVTL) 1.38, and those were the only point-plus losers.

Stepping back and reviewing the hourly chart patterns, new 7-year highs were made on the Nasdaq 100, but the S&P 500 failed to even take out the early morning highs, and we had some negative technical divergences today that could be signaling the rally is getting long in the tooth.

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.