The S&P 500 index ($SPX) has experienced a notable rebound over the past week, with the SPDR S&P 500 ETF Trust ($SPY) rising by 6.9% from Monday's low. The index bounced sharply off key support levels, marking a V-shaped recovery. Over the last two trading sessions, $SPY gained 5.7%, including a 4.4% increase on April 22. Market analysts have observed the index's movement closely, noting that it reached the top of its recent trading range and cautioning investors against opening new long positions at this level. While the bounce off support suggests some underlying strength, there remains uncertainty about whether the bulls can sustain the rally, with bears potentially looking to capitalize on this resistance zone. The index is currently trading near the gap fill range between 5255 and 5289 points.