SPY $207.95: Remains stuck in a 2-month range

SPY gapped down last Friday (April 17, 2015) to retrace near 61.8% of the 204.12/211.04 rise. Technical indicators remains neutral, reinforcing the range bound price action. The 205.21/204.12 range support zone should hold dips. Renewed strength back above the 209.23 gap resistance (April 17. 2015 high) would offer scope for a retest of the 211.04/211.27 range ceiling area.
Outlook:
Short term: Neutral
Long term: bullish