The classic intraday pattern to mark the potential for some relief (even if it proves to just be temporary) is a drop in prices and a surge in volume as prices attract short-covering bears and short-term momentum players as buyers.
The Nasdaq index has a layer of immediate support at 1808-1773. There is a focus of support at 1803-1793 and early in Wednesday's session if prices dip into this zone and then fail to fall through it, a rebound could follow (intraday), but if prices cannot print 1822 or higher in that rebound, then further downside is likely. A retest of the upper edge of the support established in late February is very possible and this would be a natural spot for a short-covering rebound. The upper band of the buying support established near the end of February is 1765-1742.
Immediate Nasdaq resistance is now at 1822-1853. Immediate intraday resistance is at 1812-1822, then 1830-1834.50. The next area of resistance is 1841-1853.
The Nasdaq index has a layer of immediate support at 1844-1815, then 1808-1773, with a focus of 1803-1793. Immediate intraday resistance is 1855-1874 then 1878-1899.
The S&P 500 has immediate resistance at 1142-1157. Resistance actually runs from 1142-1174.
The S&P 500 has immediate support at 1132-1126. There is considerable support for the S&P 500 in the 1130-1107 area and if tested this should produce a rebound in prices. Cherney is market analyst for Standard & Poor's