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The S&P 500 and the SPDR S&P 500 ETF (SPY) rallied ~34% after making a bottom on March 23. An impressive rally, no matter what kind of rally history ultimately decides to label it, over only a 27 day period. Since April 9 the ETF has settled into a range with a lower boundary of ~$273 and an upper boundary of ~$293 where the 61.8% Fibonacci retracement sits. In fact, since April 22 that range has become somewhat tighter. While the upper boundary remains the same, the lower boundary has