The momentum demonstrated over the past nine trade days usually has a lingering positive effect. Until I see technical evidence to the contrary, I think odds favor limited downside for the Nasdaq and the S&P 500. The line of least resistance is for higher prices.
The Nasdaq has a thin shelf of support at 1867-1857. The next band of intraday support is at 1852-1832. Under 1832, the next Nasdaq support is at 1803-1770 and I do not expect this level to be tested in Friday's session. The next layer of organized resistance (based on end of day charts) is 1901-1960, with a focus at 1915-1942.
The S&P 500 has a layer of support at 1152-1143. The index has more substantial support at 1127-1107, with a focus at 1127-1121. The "500" has been caught in a band of resistance which runs from 1150-1177. The next resistance above that is at 1190-1206.
Until I see something else techncially, I think (sometime in the next 11 trade days), the Nasdaq should be able to print 1915-1942 and the S&P 500 should get to 1190-1206. Cherney is market analyst for Standard & Poor's