$SPY : Consolidating and creeping up

SPY was working its way higher in the morning yesterday before the markets were hit by Gilead treatment failure report. Though ES futures were trading red in the evening the tone in the morning now is decidedly positive and SPY looks like it will get through the pesky 280 level today.

SPY still consolidating in a range. Breakout in either direction will set the short term trend in that direction. Currently SPY is looking steady indicating the institutions and FED have a steady bid under the market.