SPY Gaps Above Uptrend Line But Will It Hold

SPY Gaps Above Uptrend Line But Will It Hold

I went short when SPY backtested trendline A which connects the 101 low to the 111 low two fridays ago. When SPY failed the backtest and dropped into the close I decided to hold my short overnight. But now SPY is set to gap up and open above trendline A at 114.81. If SPY stays above trendline A then I expect SPY to continue upwards to 115.99, but I am at the very least expecting SPY to drop to support at trendline A before continuing upwards. If SPY holds support above trendline A then I'll close my short position. I'm worried SPY may rally all the way to 115.99 today as the gap was not filled yesterday.

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