The markets acted very resiliently today. Despite the 3-wave decline in the morning after the strong early start, we saw the session lows just before the lunch hour. They staged a lunch hour attempt at a rally that got the S&P 500 back up to the morning snapback highs, but they failed there.. They pulled back down and formed intraday head and shoulders type bottoms, and came on strong in the afternoon late in the day, closing near the session highs on the S&P 500, with the Nasdaq 100 trailing and closing about 5 points off its high.

Neverthless, gains on the all the indices across the board. The Dow closed up 45.68, the S&P 500 up 5.52, and the Nasdaq 100 up 4.63 to just over 2000. The Philadelphia Semiconductor Index (SOXX) at 408.50 was up 1.31.

Technicals managed to edge back into the plus side on advance-declines by about 400 issues on New York, but by less than 100 on Nasdaq. Up/down volume, however, was 7 to 4 positive on New York on volume of just under 1.2 billion. Nasdaq traded 1 3/4 billion and had about a 4 to 3 positive ratio.

TheTechTrader.com board was mostly higher with a lot of big gainers today. Shippers led the way, with DryShips (DRYS) up 8.36 on 8 million shares. Excel Maritime (EXM), a recent portfolio holding, was up 2.92 to 52.54, and TBS International (TBSI) closed up 3.29 at 48 even.

Other large gainers included Canadian Solar (CSIQ), which gained 2.01 to 41, about 4 off the early low. But Solarfun (SOLF) was down 63 cents, and JA Solar (JASO) was unchanged on the session. So still a mixed picture there.

Other stocks of note, China Finance Online (JRJC) advanced another 1.25 ahead of its earnings being released tomorrow, on 2 1/2 million, closing at 25.15. Brigham Exploration (BEXP) set nominal new multi-year highs, closing at 14.31, up 1.14, a previous Chart of the Week.

China Natural Resources (CHNR) was up 57 cents, portfolio position Ceragon Networks (CRNT) at 10.35 was up 43 cents, and Eschelon Corp. (ELON) broke out above 14 at 14.04, up 72 cents, and may be making a move here. Former portfolio position Emcore (EMKR) at 7.70 was up 37 cents, Energy Conversion Devices (ENER) at 56.10 up 76 cents, and Evergreen Solar (ESLR) at 11.26 was up 66 cents.

Other stocks of note, China Architectural (RCH) at 9.72 was up 42 cents, along with SIMO up 54 cents, and Chart of the Week TWTI hit 10.57 up 46 cents. Another Chart of the Week this week Vivus (VVUS) closed at 7.36, up 22 cents.

On the losing side, junior oils Mexco Energy (MXC) down 3.77 and PDO down 1.11 led the way on the downside. DUG, the reverse oil & gas ETF, dropped 76 cents, after reaching a high of 29.59, closing at 28.05.

Stepping back and reviewing the hourly chart patterns, the indices opened strong, fell back in a 3-wave decline, which tested support and the 3-day trendlines, retested them about an hour and a half later but both times held, and then closed strong on the session.

So, a very resilient session for the bulls today, and we'll see if they can extend it tomorrow.

The S&P 500 did close at price and moving average resistance in the 1390-91 zone. Nasdaq 100 resistance is in the 2005-15 zone, if it can get through today's high at 2005.

Good trading!

Harry