Like a Coiled Spring

SPY was dragged down all day yesterday back to 110.7 and a little lower. To me it was like the bears were trying to push a boulder up a hill. So I'm not surprised SPY gapped up this morning and will open at 111.5. I will examine the breadth at open to gauge whether or not this gap is filled. But I am fairly confident that this gap will not be filled and once SPY climbs above 111.7 and holds then that's the end of the pullback for now and SPY is headed to 116.