SPY 212.41: 4-month rising trendline remains supportive

SPY has been grinding higher from the 204.12 low (March 26, 2015) to post a new record high at 213.78 (May 20, 2015). The current pullback found support at 210.20 (May 26, 2015 low) at the 4-month rising trendline. Subsequent rebound looks to retest 213.78. Clearing the latter would confirm the uptrend continuation and open the new target at 217.05 ahead of 218.50 (projections). However, if bears manage to decisively push below the 210.20 support, that would suggest near-term topping and weaken towards 206.76 (May 6, 2015 low). Below there would expose the 204.12 low.
Outlook:
Short term: bullish
Long term: bullish