I don't think this can be the beginning of a "never look back" protracted run, but on balance, the technical picture can support a further advance, it might only be gains in 2 of the next 3 trade days, but higher prices could unfold.
The Nasdaq has defined the 1944-1934 area as important support. After reviewing Nasdaq prices from Apr. 11-17 of this year (when the Nasdaq was powering out of the Apr. 4 low), I think the shelf of support established in the 1944-1891 level is considerable and should support price. so even if the Nasdaq moves below the 1934 level, additional downside should be limited.
Immediate Nasdaq support is now 1995-1963.
The Nasdaq has immediate resistance 2021-2047. Additional resistance is 2069-2105 with a focus 2069-2083. The next resistance is a brick wall at 2137-2181.05.
The S&P 500 has immediate support 1184-1174. Resistance is 1196-2025 with a focus 1207-1216. (There is a brick wall of resistance in the 1227-1242 area.) Cherney is Market Analyst for Standard & Poor's