SPY likely stays above the declining trend line if 10-year yields and oil do not spike; near-term bullish bias.

First off, with the SPY daily ETF, we see price action down today.18%. We closed here at 764 and 20 up about 50 after hours. Mainly though, guys, we didn't even get near nor touch this declining trend line. One of which price has really been interacting with uh about five out of the last six trading days. Instead, sending price a little bit lower and still closing within this range. So, it wasn't that big of a down day. As I said, with the 10-year yield pushing up, we should have seen a little bit more selling pressure. We did not get that. That's telling them telling you the markets are being resilient, folks.

First up, guys, look at the S&P 500 pushing up pretty nicely after yesterday, failing to hold this declining trend line, the breakout scenario that took place on Monday. We never got a follow-up extension, and thus, we came right back down underneath that trend line. But you see pre-market today looking like we're about to gap up and remain above this. As long as the 10-year yield and US oil do not spike, I see the spiders could have a very good shot of staying above this trend line. near-term for the bulls that would be good. You want to see a close above 768 and54.