Several technical indicators have given preliminary buy signals on the SPY. The MACD has turned bullish and the CMF is hovering around 0 where a few strong days could send the indicator into buy territory.
However, there are two concerns going forward.
1.) Here is a 5-year, weekly chart. Notice the index has moved up strongly and sharply over the last few months. In addition, notice the big pick-up in volume during this rally. This could be a buying climax, which is a sign of a market top.
2.) In addition, we are still in a downward trend with lower lows and lower highs. The market would have to break through the top downward sloping line and/or move above a previous high on decent volume to give a buy signal.