So far, today's high in the SPY at 2016.89 represents the second consecutive session that the price structure has rallied to, but been repelled by, the down-sloping 50-Day EMA, now at 2018.27.
Equally interesting is the fact that today's low at 1976.45 marginally pierced beneath the Fibonacci 38% retracement support level at 1980.58, prior to the violent SPY rally to 2016.89.
The fact that the SPY rallied off of a powerful Fibonacci support level failed to thrust above the down-sloping 50-day EMA could be a clue about the health of the market itself.
If it was still extremely bullish, or if the correction off of the Dec 5 high at 2079.47 is complete, then I would have expected this morning's upmove to have climbed and sustained above the 50-Day EMA.
As it stands right now, the down-sloping 50-Day EMA appears to have the upper hand, which argues for another test-- and possibly a break of-- the 38% Fibonacci support zone at 1980-1976.
Only a sustained climb above 2018 will confirm that the bulls have control of near-term direction.