"Most earnings have come and gone, and they were bleh. I don't see a lot of juicy news stories" to propel the market, said Steve Massocca of Wedbush Securities. "The market was getting a little on the oversold side. It's only natural to see this kind of move." Massocca said he does not expect the market to do much, given that it's fully valued, and while he says there could be a correction in the offing, the situation is not headed toward a bear market.
"I think what's notable to me is you're really seeing signs that momentum stocks are regaining their leadership," said Ari Wald, technical analyst at Oppenheimer. "They took a back seat through the first quarter of the year, and now we're seeing some signs of returning leadership, which is very encouraging."
Wald pointed to MTUM, the iShares MSCI USA Momentum Factor ETF, which was up 1.3 percent and edging close to its highs though other momentum ETFs are not doing as well. SOCL, the Global X Social Media Index ETF, has not regained its first-quarter highs. The MTUM ETF contains Facebook, Amazon, Home Depot, Alphabet and others. Amazon.com was up more than 3 percent Tuesday after Bernstein put a $100 price target on its stock, which ended the day at $703.07.