Watching SPY at 520, looking for follow-through

Been watching $SPY closely this week. We've seen a pretty convincing bounce off the 520 area, which has held up as decent support over the past few weeks. My take is that a sustained move above 525 would open the door for a retest of the all-time highs, potentially even pushing towards 530. However, if we break back down convincingly below 520, then the whole picture shifts and I'd be looking at a retest of 515, maybe even 510, with increased conviction that the near-term uptrend is broken.