$SPY looks coiled in the 1hr, perhaps inside a wave 3 of 3 of 3. If it can break out of this channel, I'd expect a strong push up.
Here's a look at the daily showing the next two greater degrees. I have $SPY in an intermediate 3 of an extended primary 5th wave, which I believe will terminate in the neighborhood of $405 - $420 in April.
Smallest degree wave three invalidated, but remaining degrees still valid. Needs to hold this lower rail to stay in the ascending wedge. Close below and I get v nervous.