SPDR S&P 500 (SPY)

[risk on]

SPY 20 year monthly and1yr daily CHART....

Red Line 9 EMA , BLUE line 27 EMA

* Note the 9 EMA stayed below the mid BB ( corrective sign) , and the monthly candle formed is bearish with longer upper wick.



Daily SPY chart.

* Note the price closed below 9 EMA, however the candle formed is a DOJI like hammer ( pivot candle) with a gap down ( but that gap is not due, as it's a back fill from a previous gap you can see just to the left) and closed right on the 27 EMA , A known support line .