"High beta tech and biotech stopped going down," said Scott Redler of T3Live.com. "I don't know if it's going to hold up. I don't think traders have conviction to buy strength now but it's the first time we've had a decent bounce."
The corrections in some names have been severe, including Tesla Motors off 20 percent from its late February high. Priceline.com is off nearly 14 percent from its March 6 high, and SolarCity is down 31 percent from its Feb. 26 high. Amazon.com, a more widely held name, lost nearly 17 percent since Jan. 22.
Netflix temporarily turned higher after an initial beating along with some other names, but it is still down more than 11 percent since last week.
One encouraging sign Thursday was the double digit bounce in TriNet, the first IPO to open after King Digital's disastrous performance Wednesday. King's 15 percent first day slump was the worst for a new issue this year, but some traders wrote it off to aggressive pricing for a company described as a "one-trick" pony. King markets the "Candy Crush" game.
"The question is will it fade or hold. We're not out of the woods yet," said Redler, who follows the market's short term technicals. A positive for the market was that the S&P 500 held above 1839, the low of March 14. "You had the bios below the 50-day, the QQQs below the 50 day and the Russell," he said. But the SPY, SPDR S&P 500 ETF was not.
—By CNBC's Patti Domm. Follow her on Twitter @pattidomm.