When would I become concerned about being wrong about the upside?
If I saw the Nasdaq start printing below the 2188 mark for anything more than 3 or 4 minutes without attracting buyers.
On an "end-of-day" chart basis, the former focus of resistance is now immediate support for the Nasdaq, meaning that 2204-2188 is immediate support. A review of the intraday price action from Tuesday's market shows immediate (intraday) support for the Nasdaq in the 2231-2216 area and that is where the index finished Wednesday's session.
The Nasdaq has resistance levels at 2249-2287, then 2314-2351.
The S&P 500 has immediate support at 1253-1240. Considerable resistance is evident in the 1274-1293 area. Cherney is Market Analyst for Standard & Poor's