Referring to the daily chart, overhead resistance is more apparent:
Bottom line: in the short-term, it's not surprising to see this market rally off oversold levels, a fairly typical TA occurrence. However, as discussed, the 1620-1625 range poses as significant resistance and it will be interesting to see if the Index can successfully break through this price area (and mind you, not just poke through, but get well beyond 1625). If not and the Index rolls over, next stop could be 1550. Stay tuned.