SPY Testing Resistance - Market Analysis for May 9th, 2024

From the perspective of the setup in SPY, the S&P 500 index ETF is pushing up against two-day resistance at 517.50, which if hurdled and sustained, will point to a test of Tuesday's post-4/19 rally peak at 518.57 in route to a higher target within my upside window from 518.50 to 520.20. 

Only a decline that breaks 516 and then follows through beneath 514.98 will morph the near term "Bull Flag" type of setup into a more traditional pullback pattern that will point to 513.70/90 and possibly closer to 512.50 before the emergence of another upleg.

For now, the bulls are attempting to trigger upside acceleration from the Bull Flag... last is 517.60...

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