Inability to Stay Above 110.7 Indicates that SPY is Headed Back to 106

SPY dropped late and filled the gap at 109.6. Today SPY is set to gap up and open ~110.3, I expect this gap to be filled today. As you can see SPY closed below trendline B indicating that the overall downtrend is intact. But now SPY is opening above trendline A indicating that the shorter-term uptrend may also be intact. So the market is giving us conflicting signals (as usual).

I favor SPY to drop back below trendline B today and in the next few days to drop all the way back to SPY 106 to fill the gap there. I have this view because SPY failed to stay above 110.7 yesterday which I interpret as weakness. Not enough bulls on the bus yet to break through.