Today's chart that is posted below shows the SPY as of yesterday's close.
I have to tell you that while the SPY's chart is looking good, some Institutional Investor opposition is starting to appear. I don't think there were enough taking this stance yesterday, but it is still a concern.
On to today's chart ...
On the chart, there are thick red and black lines that outline two triangular patterns. The close on the SPY yesterday was above the upper triangle's top resistance line.
Yesterday's tick was strong and trending higher. So the Fed is happy, while some Institutional Investors weren't as happy.