Buyers were able to maintain the buying from last Thursday with a close at the high of the day across lead markets. A challenge of the last swing high in early May would set up the reversal rally, but there is a couple of weeks' work required before markets are able to get there.
For the NASDAQ, we have the 'buy' trigger in On-Balance-Volume with an improving relative performance against the S&P. The MACD is well below the bullish zero line, so the first 'buy' trigger might not be the one to go for.
The S&P is trading around a declining trendline and is currently on the positive side of the ledger. Unlike the NASDAQ, technicals are net negative and it will take a few more days of buying before one of these turn positive.
The Russell 2000 is the one index leading the relative charge against the NASDAQ and S&P. On-Balance-Volume is also on the verge of a new 'buy' signal.
If it can recover $187.50, it would return the index to its prior base, but this time it would be attacking it from the bullish side.
Tuesday's action was the harder path to take after the series of losses markets have endured. What's needed now are significant white candlesticks on higher volume accumulation.