Financial wikis define an alligator spread as a complex options position where the commissions eat you alive. Below is a little whimsy from this morning's Quick Takes Pro newsletter.
But it is a bit more serious if we look at the analysis and not our scaly skinned pal, which, by the way, is oh so tasty in a remoulade.
What I see here is rising prices (it's the spyder ETF) and falling volume. You can decide what it means but rallies need fuel and volume is fuel.