The markets charged ahead today after yesterday's beating. They refused to give way much further, other than in the first half hour when the markets dipped to new pullback lows, reaching the bottom of the 3-day pullback channels. A very sharp rally ensued. They did pullback for about 20 minutes, but then ran right up into the lunch hour. In early afternoon they consolidated, broke out mid-afternoon but couldn't follow through and then sold off in a 3-wave decline that actually broke initial support. But they just couldn't follow through to the downside, reversed sharply in the last hour, and the markets closed at the highs for the day going away.

At the close, the Dow was up 76, the S&P 500 up 8.64, and the Nasdaq 100 up 12.19. The OEX was up 4.39. Despite that, the Philadelphia Semiconductor Index (SOXX) was down 55 cents, but didn't hold Nasdaq back by too much.

The technicals reversed to the positive side but just barely, by 212 issues on the NYSE and 207 issues on Nasdaq. The up/down volume was much more positive, by 9 to 5 on New York on total volume of 1.5 billion. Nasdaq traded just under 2 billion and had a 12 1/2 to 7 positive ratio on up/down volume.

There were some big movers both up and down on TheTechTrader.com board. Chart of the Week and portfolio position Rediff.com India (REDF) exploded out of a 18-month base pattern and ran up 4.36 on 1 1/3 million. That is the heaviest volume since last November. Sigma Designs (SIGM) was up 2.08 today on 2.3 million, a significant move, breaking it out of a multi-month coil pattern.

Chart of the Week Versar (VSR) gained 1.29 on more than 3/4 million shares today. Hoku Scientific (HOKU), one of our recent Charts of the Week, was up 1.22 on 11 1/2 million. Chart of the Week Excel Maritime (EXM) was up 1.77, breaking to new multi-year highs.

Recent portfolio addition China Medical Technologies (CMED) closed up 1.02.

On the downside, multi-point losers included JA Solar (JASO), down 2.34, giving back another chunk of its recent gains, and Force Protection (FRPT) dropped another 1.29 today on 1.7 million.

Other losers of note, Jones Soda (JSDA) fell 86 cents, Transcend Services (TRCR) 56 cents, and Cree Inc. (CREE) lost 58 cents.

Stepping back and reviewing the hourly chart patterns, despite the sharp break yesterday, the indices failed to follow through to the downside , just like they've failed to do several times in the last few months, and we had a significant upside session today, with the indices closing at the highs for the day going away.

Current overhead resistance at around the 1519-20 zone, where we closed on the S&P, is important. Above that we'll be watching 1526-27 resistance. NDX has more formidable resistance overhead at 1988-90 and above that at 1992-93.

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.