S&P 500 Approaches First Test: The Declining Trendline (SPY)

Good grief, what with this morning's Can the S&P500 Clear the Red Zone?" (SPY)"I feel as if I'm doing a play-by-play.
[you are, it's blogging, real-time -ed]
The index is up 14.94 at 1158.97.
From Bespoke Investment Group:

Despite a rally off the lows of more than 8% this week, the S&P 500 still has more work to do before its short-term downtrend line comes into play.  In order to break that downtrend, the S&P 500 would need a further rally above 1,160 from its current level of 1,150.