Update 2

This is the morning range. There is a strategy used by day traders (although less effective in volatile markets like we are in now). when a trading range develops, the first breakout above resistance or below support is the direction the market or stock will close for the day. For a close up, then we'd need to see a breakout above 111.90 (SPY) and a close down a break below $111.20. It's not perfect, but helpful. In a volatile environment they are prone to false breakouts that usually return to the range fairly quickly. We still have negative divergences in the averages.