The indices had one of their best sessions of the year, if not the best, with a very strong gap-up in the morning, a pullback/retest that was successful, and then a 3-wave rally for the rest of the day, only interrupted by a mid-afternoon pullback that was also successful in testing support. The indices then surged strongly into the last 90 minutes, closing at the highs for the day going away with a surge and what looked like blow-off type action.

Net on the day the Dow was up 284, closing at a new all-time high over 13,861. The S&P 500 closed at nearly 1548, up nearly 29 points, and the Nasdaq 100 closed over 2021, up nearly 37. The Philadelphia Semiconductor Index (SOXX) advanced nearly 15, about a 3% gain.

The technicals were outstanding today, by 24 to 9 on advance-declines on New York and 22 to 9 on Nasdaq. Up/down volume was better than 7 to1 positive on New York and 6 1/2 to 1 positive on Nasdaq. There was a total of about 1 2/3 billion on the NYSE and nearly 1 billion traded on Nasdaq.

TheTechTrader.com board was active and mostly higher, and there were some very sharp gains today. Chart of the Week Excel Maritime (EXM) rose another 4.05 today, closing at a 2 1/2 -year high. Rediff.com India (REDF) advanced another 3 on top of yesterday's 4 1/2 point gain, and is up over 50% in just the last 2 1/2 sessions. JA Solar (JASO) snapped back 2.26, and portfolio position China Medical Technologies (CMED) jumped 1.35.

The SMH was up 1.17 today, a huge gain for that index, while the Qs were up 75 cents.

Other gains of note, Transcend Services (TRCR) advanced to new highs and gained 85 cents on the session. NVE Corp. (NVEC) gained 69 cents. Recent Chart of the Week Immersion Corp. (IMMR) jumped nearly 1 on 1.8 million, Hoku Scientific (HOKU) advanced 47 cents, although that was substantially off the high. Still, it was a decent gain on 7.1 million.

Portfolio position DG FastChannel (DGIT) snapped back 61 cents from recent losses, and CREE advanced 51 cents today.

On the downside, point-plus loses included MEDTOX Scientific (MTOX), which got hammered for 2.61 today, and Jones Soda (JSDA) 90 cents. FONR lost 71 cents, portfolio positions Research Frontiers (REFR) lost 35 cents, and Taser (TASR) gave back 65 cents.

Stepping back and reviewing the hourly chart patterns, the indices exploded to new all-time highs on the Dow, 7-year highs on the Nasdaq 100 and multi-year highs on the S&P 500 in an explosive advance that accelerated in the last hour and smacked of blow-off type action. But until we get a reversal the momentum is very strong and can continue.

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.