$spy updated chart
Still it is a risky zone to trade. I would wait till it breaks the Red Resistance Line including the blue line and closes atl east above the Horizontal Black line to go LONG. It may be just a short term bounce from oversold position from yesterday. The new light blue line will act as a temporary support.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.