After a quick bottom, SPY bounced back and broke the downtrend around 186 187 area and has been consolidating for about a little more than a week from in a 4 point range. This is indicated by the red rectangle (187 to 191). The range finally broke out and resolved to the upside with the first target of 194.5. Good long trading day, if you sat through the gap and go action today. In the short term we are approaching overbought conditions.