Will SPY fill the gap or make a short squeeze?

I would bet on the short squeeze... sometimes the market doesn't follow logic, but I could be wrong, obviously.

1. Price testing long pandemic retracement of 21.4% at $ 405.49.
It broke 38.2% short retracement from the last top.
Stochastic DMI in dangerous region.

2. Is there still room to go up?