1) SPY broke out of 203.7 The Formidable support turned resistance .
2) SPY also broke out of a Downward Sloping & is above 200 MA.
3) OBV also confirms SPY Breakout ie Breaks out of It's & Horizontal Resistance. Therefore supports the Rally ! But still below OBV 200 MA.
4) True Strength Index Crossover above Zero , That tells us that Momentum confirms rally & Breakout.
I think It's time to long on Declines in an Hourly chart !