The S&P 500 displayed a similar pattern. There was enough momentum built into the rise from last week's bottom to tilt the odds in favor of only a short one or two day retracement/consolidation which should be shallow. Usually, when I get the kind of readings I saw late last week, prices (after a day or two stall) will move higher and eclipse the intraday highs which were established today. The S&P 500's intraday high was 1222.74, the NASDAQ's intraday high was 2057.10.
The NASDAQ has a thin shelf of intraday support in the 2019-2009 area which held prices in Tuesday's session as the intraday low was 2014.06. The 2009.94 level remains important in the short-run. Monday's intraday low print was 2009.94 and so was Friday's. If prices break below 2009, a test of the next layer of support in the 1995-1963 area would seem likely but with the end of the earnings reporting season near, buyers should support prices if sub 2000 prints occur.
The NASDAQ has immediate (intraday) resistance 2042-2057, more substantial resistance (and the likely spot for some profit-taking) is the 2069-2105 area, within this resistance is a focus of resistance 2069-2083. The next resistance is a brick wall at 2137-2181.05.
The S&P 500 has stacked supports from 1207 through to 1190. The next support is 1184-1174. The index has resistance 1217-1223 but brick wall resistance (and a likely spot for profit-taking) is 1227-1242. Cherney is Market Analyst for Standard & Poor's