Take a look at these charts for the SP500 and the SP500 ETF, SPY.
SP500 (5 minutes intraday):
SPY:
If SPY can hold above the 117 level and continue to move higher, then the likely resistance level will be near the 120 area. And when it revert back below or can't hold above the 117 level, look for it to retrace to the potential support level of 110. If it fails to hold the 110 level, then this confirm today's rally is simply an oversold rally (or a short squeeze) and monitor the 105 level for possible support.
