The NASDAQ has a price gap created by the April 18th surge at the open. The price gap is now 1978.25 through 1941.57 and some of this gap should get filled in Wednesday's morning action. (I still believe there is a good chance that this gap will get completely filled before the end of the earnings warning season but the NASDAQ is at such extremely oversold levels that a drop in the morning should reverse and see prices close solidly in positive territory. (There is no rule that price gaps have to get filled.)
The NASDAQ has immediate (intraday) resistance in the 2020-2079.30 with a focus in the 2025-2040.74 area. Next resistance is 2105-2124. Support is the price gap: 1978-1941.
The S&P 500 now has support 1212-1184. Immediate resistance is 1235-1265.
These two points still represent the essence of why upside is probably limited in the short-term: 1) Stock prices are being held hostage by the next earnings announcement. 2) There are few money managers who will be aggressively putting money into the market until they see some fundamental evidence of earnings increases or an improvement in the economy.
The big problem the markets have right now is that particpants want to see tangible proof that the Fed's handiwork is filtering its way into economic reports or being made apparent in increased orders at publicly-traded tech companies, and, that simply hasn't happened yet. Cherney is Market Analyst for Standard & Poor's