It was a good response from buyers to push markets higher through the day yesterday. However, the gains didn't really change the larger picture where markets remain range bound.
In the case of the S&P, bulls really need a break of 2120 to bring confidence back to buyers. The S&P is also enjoying the start of a relative performance advantage against the Russell 2000. It's early days, but yesterday was a good start.
The NASDAQ closed the 'breakdown gap,' but it hasn't yet done enough to challenge the March 'bull trap.' The NASDAQ also enjoys a relative advantage against the S&P. This might be the index to lead out today.
The Russell 2000 is also well placed to challenge the 'bull trap,' with a successful bounce off channel support. With the exception of slow stochastics, technicals are bearish, but price action is dominant.
The NASDAQ 100 still has the wedge breakdown to navigate and it's not something which is going to disappear in the space of a day. Even if markets do post a follow through gain, it could be hard for a needed three days of gain to break past resistance. Wannabe shorts should keep an eye on this.
For today, look for upside follow-through across indices and challenges on resistance. Best chance perhaps lies with the NASDAQ 100.