The down trend from Feb 16 is still intact but it looks like it’s remaining days may be numbered. Mr and Mrs Moneybags have been on a SPY dumping project for the last several weeks and don’t want to sell for a penny less than 390. Maybe they are just front running even more wealthy and sinister players waiting for 400. But, better to be playing up here than down there.
The situation doesn’t seem to warrant taking on a lot of extra risk, even if 390 is broken to the upside. xFF or xLH are the likely results for the close. Either of those results is favorable for OC.