That little push off the VWAP on a very nice alignment of a falling VIX, rising Cumulative Tick and Advance - Decline lines all on outpacing Up Volume puts the SPY back above its five- and twenty-day moving averages. While relative volume is coming back off that move, I'd be careful with fades until we see how many shorts are inclined to use pullbacks to run for cover, so to speak.
Also be advised that it's easy for the markets to be pushed around with volume as low as it is in this pre-holiday session, so fast breaks like this are always a possibility in either direction.
08/03/2015 Market Outlook (Measured Move)
5 hours ago