$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.
sp500indexSPX (S&P 500 Index)SPDR S&P 500 ETF (SPY)

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