The S&P 500 ETF, known as $SPY, is experiencing an upward trend following positive bank earnings, with a target of 590 noted by analysts. The current trading activity highlights $582.50 as a significant level, while $580.50 has been identified as a key support area. Analysts suggest that if $SPY sees a pullback of 3-6%, potential buying interest could emerge at levels around $567 and $553. The market is currently reflecting a range of approximately 11 to 20 points in the S&P 500 index, indicating notable volatility and trading activity. Additionally, the 8-day moving average is being closely monitored, with the $SPY trading around the 580.60 mark.