I use the RSI and MACD together to get my analysis. On the Monthly SPY remains over bought. On the Daily it is approaching overbought. However, Using just the RSI is not a reliable tool alone. Looking at the spread of the MACD , will show us a little more of the potential pull back. The pattern of the Chart always is more reliable then the technical indicators. For today, I believe we have reached the high of day with ascending wedge on the hourly. Ascending wedges show that buyers are running out of steam, therefore a bearish pattern. But who knows, I was wrong on Monday.
I am extremely bearish SPY
I am extremely bearish SPY