The long term up trend is still in place with the 200 day not being threatened recently.
The short term down trend in place with Friday’s price action failing to overtake or close above Thursday’s high of day to confirm a possible reversal.
The momentum break over the 50 day sma failed completely to trend higher this week with an immediate reversal. It is bearish when momentum buy signals stop working.
$SPY has spent 11 of the past 12 days closing under the 10 day sma indicating weakness.
The MACD is still in a bearish crossover that has not reversed.
RSI is close to neutral at 46, slightly bearish.
The 30 RSI and the 200 day could line up closely together this week to create a high probability buy signal for a short term reversal.
Very neutral readings this week a close above the 10 day sma will be the first indication of a possible leg higher.
I would be a dip buyer at the 30 RSI level.
The loss of the 200 day sma would be the first sign of a real correction, and even a potential cyclical bear market. I would look to start playing the short side with a close under the 200 day.