In the first half of the month the SPY declined to a 50% retracement of the February low and the April high. The second half bounce that is underway recaptured the 50 dma and is threatening to make new highs. One technical issue, however, has been the lack of volume and positive money flow. The graph at the bottom of the chart shows daily volume as a percentage of the 50 dma of volume, and it is not confirming the price movement.
I am long the SDS.