S&P 500 Jun 11 to Jun 15 OutlookBy on 2012 Jun 9 Sat 7:05:03
Similar to Dow, the bear trap built on Monday caught many bears by surprise and forced them to give up. The gap above, however, capped the rally. Bounced off Y-0 and closed the week near week high.
Any positive news will send this through the roof as shorts from past several weeks are all at best selling around B+1 / Y+1. Bears are trapped on weekly timeframe.
If the gap can act as resistance once more, a slide down to B-0 is likely.