Classical Technicals

For what its worth, whether trend lines work or not, I suspect that the bounce in SPY shares today is a part of this tendency to mean revert , and with that said a number of moving averages are slightly above price.

Should this index run any further there is still more room for upside in spite of this appearance here of a descending triangle which has a much deeper resolution (SPY 254 to 250)

The part of buy the dip sell the rip sequence is still playing out for whoever thought 260 was a value area great, and I am still in support of trading in the direction of the trend.