Was this the bounce on the S&P and now the technical traders resume with the shorts ?

S&P 500 gaped higher at the open. Tested the upper fan line on the 1 minute chart and now is falling back towards the opening price. Will 1040 range now be resistance or will Mr Market blow through this number later in the day. It will be interesting to see how the retail client (mutual fund investor) is reacting after reading his weekend paper to find that his portfolio was down 5% over the week and now the S&P is down 16% from the April highs. Will he be calling to redeem his funds or buy more ?  Watch the markets at around 2:30 to see if managers will be selling to raise cash or buying.