It was hard to walk away from the trading session with a smile on Friday, Feb. 2, as the stock market had its worst day in more than two years.

Even as some stock market losses persist Monday, Feb. 5, there's still good news out there, according to Bank of America Merrill Lynch Global Research: The Nasdaq is trading in a relative uptrend vs. the S&P 500.

"This is encouraging for U.S. equities in our view," BofA wrote. "The rising channel from late 2008 suggests a steady uptrend and not a parabolic move like going into 2000."

The Nasdaq's relative uptrend is good news moving forward, even if Friday's market selloff sticks. The Nasdaq was strong vs. the S&P 500 in the market drop from 2007 to 2009 "which preceded the second strongest, longest and still ongoing S&P 500 bull market in excess of 20% since 1987-2000," analysts noted.

If history is any indicator, a relatively strong Nasdaq even in a market downturn suggests a strong comeback.

The S&P 500 pared earlier losses by late-morning trading on Monday, trading close to flat. The index has shed 3.26% in the last five days.

Tech stocks led a relative market comeback Monday. The tech-heavy Nasdaq turned positive in Monday trading, up 0.24%. It has fallen 2.84% in the last five days.

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