The daily $SPY chart below shows that price action is bouncing off the Giant Wall 1 but still below the resilient Giant Wall 2.
The weekly chart below shows that a solid uptrend is still intact. I like the fact that we have a green weekly bar in mid-week. If this is a red bar with price below the GW1, I would be worry; however, current green bar provides positive bias to the upside. My bet is that by end of week, $SPY will attempt to breach GW2 once again.
My 2 cents.