On the 24th of April, SPY was charging higher (just like current market conditions) and opened with a gap (sound familiar) but immediately began selling off. The high that day was $267.98. Here we are 10 trading days later, and price pushed just above that level to $268.02 but then failed with a large drop of nearly $2 per share at one point in the afternoon. The failure to close above the $267.98 level is likely not an accident, nor was getting such a selling reaction at this same level. If you are bullish the markets, the market needs to close above $267.98 in order to generate any upward momentum (and yes, it could happen as soon as tomorrow). If you are bearish the markets, watch out for a close above $267.98 as a sign that the bearish case is weakening. There are other overhead resistance areas if we clear $267.98, but it is the first hurdle to finding a bullish climate to trade within. Happy Trading out there!